New Delhi: The government on Monday decided to change the base year for compilation of gross domestic product or GDP from 2011-12 to 2022-23 for which an advisory committee on National Accounts Statistics (ACNAS) has been formed. The move of the government aims to improve the statistical system with such steps as the constitution of ACNAS, the use of administrative data and standardisation of data structure to promote harmonized quality reporting across national statistical systems among others.
In a written reply to Rajya Sabha, Minister of State for Statistics & Programme Implementation Rao Indjerjit Singh said that a panel comprising representatives of the Reserve Bank of India, centre and state governments as well as academia has been constituted to revise the base year of national accounts or GDP from 2011-12 to 2022-23,
"Steps such as the constitution of ACNAS, standardization of data structure to promote harmonised quality reporting across the National Statistical System and use of administrative data are the steps taken by the government to improve the statistical system," he stated.
The 26-member ACNAS, which was constituted under the chairmanship of Biswanath Goldar, is expected to complete the exercise by early 2026. The GDP data based on the 2011-12 series was released in January 2015. The base year of the national accounts is changed periodically to take into account the structural changes that take place in the economy and to depict a true picture of the economy through macro aggregates.
The first official estimates of national income were prepared by the Central Statistical Organisation (CSO) with base year 1948-49 for the estimates at constant prices. These estimates at constant (1948-49) prices along with the corresponding estimates at current prices and the accounts of the Public Authorities were published in the publication, 'Estimates of National Income' in 1956.
