India has revised the base year for Gross Domestic Product calculations from 2011-12 to 2022-23, with the Ministry of Statistics and Programme Implementation releasing a new national accounts series covering annual and quarterly estimates.
The revision resets the benchmark for measuring economic output to reflect structural changes, updated datasets, and post-pandemic economic conditions.
Base year revisions are undertaken periodically to incorporate new data sources, improve estimation methodologies, and capture shifts in sectoral composition.
The adoption of 2022-23 as the new base year reflects its status as a recent normal year with comprehensive data availability across agriculture, industry, and services.
Under the new series, real GDP is estimated to reach ₹322.58 lakh crore in FY 2025-26, compared with ₹299.89 lakh crore in FY 2024-25, implying annual growth of 7.6 per cent.
This marks an acceleration from the 7.1 per cent growth recorded in FY 2024-25 and follows expansion of 7.2 per cent in FY 2023-24, indicating sustained economic momentum across successive years.
Nominal GDP is projected to rise to ₹345.47 lakh crore in FY 2025-26 from ₹318.07 lakh crore in FY 2024-25, reflecting growth of 8.6 per cent.
Earlier, nominal GDP stood at ₹289.84 lakh crore in FY 2023-24, when the economy expanded by 11.0 per cent in current price terms, followed by 9.7 per cent growth in FY 2024-25.
Quarterly data under the revised base year shows continued expansion in the current financial year.
Real GDP in the October-December quarter of FY 2025-26 is estimated at ₹84.54 lakh crore, compared with ₹78.41 lakh crore in the same quarter of FY 2024-25, translating into growth of 7.8 per cent.
Nominal GDP for the quarter is estimated at ₹90.91 lakh crore, up from ₹83.46 lakh crore, marking growth of 8.9 per cent.
Gross Value Added, which reflects sector-wise economic output, is estimated at ₹294.40 lakh crore in FY 2025-26, registering real growth of 7.7 per cent compared with 7.3 per cent in FY 2024-25.
Growth has been supported by manufacturing, construction, mining, and services sectors, reflecting continued expansion in both industrial and service-led activities.
The revised GDP series incorporates methodological changes including use of Goods and Services Tax datasets, enterprise surveys, government financial records, and improved sector-level estimation techniques such as double deflation in manufacturing and integration of supply-use tables.
These changes aim to improve accuracy and reduce statistical discrepancies between production and expenditure estimates.
The Ministry of Statistics and Programme Implementation will release provisional GDP estimates for FY 2025-26 along with fourth-quarter data on May 29, 2026.
Historical back-series estimates aligned with the new base year methodology are expected to be published by December 2026, enabling consistent long-term comparison of India’s economic growth trajectory.
Historical back-series estimates aligned with the new base year methodology are expected to be published by December 2026, enabling consistent long-term comparison of India’s economic growth trajectory.
