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The government has considered changing the base year for calculating the country's gross domestic product (GDP) from 2011-12 to 2022-23. This is an important step, as this will be the first time in a decade that the base year is being revised.
New calculations for accuracy
According to sources, the purpose of changing the base year is to present an accurate picture of the Indian economy. Under this, the Ministry of Statistics and Program Implementation has planned to give suggestions to the National Accounts Statistics Advisory Committee (NCNAS). This committee, which is working under the chairmanship of Vishwanath Goldar, can complete this task by the beginning of the year 2026.
Preparation of new data
The new calculation proposes to remove some old products, such as lanterns, VCRs, and recorders. In its place, new products like smartwatches, smartphones, and processed foods will be included. Apart from this, there is a plan to include GST data in the calculation, which will improve the accuracy of the data.
Focus on the uunorganizedsector
The government is carrying out several statistical reforms to present a better picture of the unorganized sector. The National Sample Survey Office (NSSO) under the ministry will conduct several upcoming surveys. These include the Domestic Tourism Expenditure Survey, National Family Travel Survey, Comprehensive Survey on Health, and Survey on Education-related Indicators.
future plans
In the coming financial year 2026-27, tribal living conditions, the All India Loan and Investment Survey, and the Situation Assessment Survey will be conducted in the country. The purpose of these surveys is to understand the diversity of India and the real situation of various economic sectors.
It is worth noting that this change will be an important step towards better understanding and development of the Indian economy. The government is trying to make the new data more accurate and contemporary so that policies can be implemented effectively.
