The Government of India has announced its decision to revise the base year for the calculation of Gross Domestic Product (GDP) from 2011-12 to 2022-23, marking a significant update to the country’s national accounting framework.

An Advisory Committee on National Accounts Statistics (ACNAS) has been constituted to facilitate the transition. The committee includes representatives from central and state governments, the Reserve Bank of India, academia, and research institutions.

Its primary role will be to identify new data sources and provide recommendations on the methodology for compiling national accounts in the revised series.

As part of efforts to strengthen the statistical system, the government has undertaken several initiatives. These include the establishment of ACNAS, the standardization of data structures to ensure harmonized and high-quality reporting across the National Statistical System, and the increased utilization of administrative data.