Published: 26 February 2026PIB / MoSPI / The PrintEconomy
MoSPI Releases New GDP Series with Base Year 2022-23; CPI Released Earlier; IIP Base-Year Release Planned Separately
On February 27, 2026, the Ministry of Statistics and Programme Implementation (MoSPI) released the New Series of Annual and Quarterly National Accounts Estimates with base year 2022–23, replacing the previous series based on 2011–12. Simultaneously, the base year for the Consumer Price Index (CPI) was revised to 2024, and the Index of Industrial Production (IIP) was updated to 2022–23.
The selection of 2022–23 as the base year is significant because it represents the first 'normal' post-COVID year with robust and comprehensive data availability across sectors. Key methodological improvements include: (i) Multi-Activity Enterprise Segregation — distributing GVA of companies across industries using activity-wise revenue shares from company filings rather than assigning firms to one dominant sector; (ii) adoption of Double Deflation in manufacturing for improved GVA measurement; (iii) use of the Proportional Denton Method in Quarterly National Accounts for smoother benchmarking; (iv) inclusion of hired domestic workers (cooks, drivers, cleaners) in household sector GDP estimates; and (v) incorporation of COICOP 2018 classification for Private Final Consumption Expenditure.
Under the new series, real GDP is estimated to grow at 7.6% in FY 2025–26 (compared with 7.4% in the First Advance Estimates released earlier under the old base year), and nominal GDP growth stands at 8.6%. The economy recorded real GDP growth rates of 7.2% and 7.1% in FY 2023–24 and FY 2024–25 respectively. A back series is expected to be released by December 2026.
0Mains angle
Q: Evaluate the methodological improvements in MoSPI's new GDP series with base year 2022-23 and their implications for economic measurement in India.
Answer (50 words):
On 27 February 2026, MoSPI revised the GDP base year from 2011-12 to 2022-23, updated CPI to 2024 and IIP to 2022-23. Key improvements include Multi-Activity Enterprise Segregation, Double Deflation in manufacturing, and COICOP 2018 adoption. Real GDP growth for FY26 was revised upward to 7.6% from 6.4%; nominal growth is 8.6%.
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Practice MCQ from this story
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Linked questionMedium
On which date did MoSPI release the new GDP series with base year 2022-23?
Explanation · Correct answer AMoSPI released the new series of annual and quarterly national accounts estimates with base year 2022-23 on 27 February 2026. The change updated the benchmark from the earlier 2011-12 series and was part of the wider revision of key macroeconomic indicators.
Frequently asked questions
What major revision did MoSPI announce on February 27, 2026?
MoSPI revised India's GDP base year from 2011-12 to 2022-23 on February 27, 2026. Simultaneously, the CPI base year was updated to 2024 and the IIP base year was updated to 2022-23.
What is India's FY26 GDP growth estimate under the new series?
Under the new GDP series with base year 2022-23, India's FY26 real GDP growth is estimated at 7.6%. This figure incorporates the updated methodology including double deflation and multi-activity enterprise segregation.
What is 'double deflation' in GDP measurement?
Double deflation is a methodology that separately adjusts both output (gross production value) and input (intermediate consumption) for price changes before calculating value added. This provides a more accurate measure of real GDP compared to single deflation methods.
Why are base year revisions necessary for national statistics?
Base year revisions are essential to capture structural changes in the economy, such as the rise of new industries, shifts in consumption patterns, and changes in price structures. Outdated base years can distort economic measurements and misrepresent actual growth.
What is MoSPI and what is its legal basis?
MoSPI (Ministry of Statistics and Programme Implementation) is India's nodal body for national statistics. It operates under the Statistics Act 2008 and is responsible for compiling GDP, CPI, IIP, and other key macroeconomic indicators.
