In a pivotal update, India will roll out its new GDP series using 2022-23 as the base year this Friday, enhancing the accuracy of economic metrics amid strong growth projections. This comes as the government integrates cutting-edge data to mirror the modern economy.
MoSPI’s sub-committee advocated for expanded GST data in estimates, part of the base year revision process. The move updates from 2011-12, incorporating digital economy expansions, service sector growth, and unorganized activities more effectively.
New inclusions like e-vehicle data and natural gas consumption will enrich the dataset, previously limited in GST usage. This positions India to affirm its status as the fourth-largest global economy with credible numbers.
Growth outlook shines bright: 7.4% for FY 2025-26 per advance estimates, led by household spending. Despite international challenges, SBI Research forecasts 8-8.1% for FY 2026 Q3, backed by robust late-2025 indicators. Union Bank tips 8.3% for current Q3.
Releasing Friday: FY 2025-26’s second advance, three-year revisions, and new base quarterly data. This upgrade ensures national accounts reflect realities like fintech booms and green transitions.
As India powers through, the new GDP framework will empower better decision-making, attracting investment and reinforcing growth narratives on the world stage.