Published: 11 March 2026PIBEconomy
NSO Releases New GDP Series with 2022-23 Base Year; Nominal GDP Revised Down by 3.3%
The National Statistics Office (NSO) released India's revised GDP estimates with the base year shifted from 2011-12 to 2022-23. The nominal economy contracted by approximately 3.3%, with FY 2025-26 nominal GDP dropping from an estimated ₹357 lakh crore to ₹345 lakh crore under the new series. However, real GDP growth for FY 2025-26 is estimated at 7.6%, higher than the 7.1% under the old series.
The revision reflects a decade of structural changes including digitalization, formalization of enterprises, and shifts in consumption patterns. The new series uses detailed institutional data rather than benchmark indicators. Back-series data is expected by December 2026.
0Mains angle
Q: Analyse the rationale behind the NSO's revision of India's GDP base year to 2022-23 and its implications for measurement of real economic growth for FY 2025-26.
Answer (50 words):
NSO has rebased India's GDP to 2022-23 from 2011-12, contracting nominal FY 2025-26 GDP by 3.3% from ₹357 lakh crore to ₹345 lakh crore, while real growth rises to 7.6% versus 7.1% under the old series. The new methodology uses detailed institutional data reflecting digitalisation and formalisation.
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Frequently asked questions
What is India's new GDP base year and how did it affect the nominal GDP estimate for FY 2025-26?
India's **NSO (National Statistics Office)** shifted the **GDP base year from 2011-12 to 2022-23**. Under the new series, **FY 2025-26 nominal GDP dropped from ₹357 lakh crore to ₹345 lakh crore**, a contraction of approximately **3.3%**, though real GDP growth was revised upward.
What was India's real GDP growth rate for FY 2025-26 under the new NSO GDP series with 2022-23 base year?
Under the **new GDP series (2022-23 base year)**, India's **real GDP growth for FY 2025-26 is estimated at 7.6%**, which is higher than the **7.1%** estimated under the old 2011-12 base year series, reflecting more accurate capture of the formalized digital economy.
Why did NSO shift India's GDP base year from 2011-12 to 2022-23?
The **NSO** shifted the **GDP base year from 2011-12 to 2022-23** to reflect a decade of structural economic changes including **digitalization, formalization of enterprises**, and shifts in consumption patterns. The new series uses detailed institutional data rather than benchmark proxies for more accurate measurement.
When is the back-series GDP data expected after the 2022-23 base year revision?
The **NSO** expects to release **back-series GDP data by December 2026** after the base year revision to 2022-23. Back-series data is essential for comparing historical growth rates consistently across years under the new methodology.
How does the new NSO GDP series differ methodologically from the old 2011-12 series?
The **new NSO GDP series (2022-23 base)** uses **detailed institutional sector data** rather than benchmark indicators, incorporating enterprise survey data, GST records, and digital transaction data. This better captures the **formalized, digitalized post-GST economy** compared to the older 2011-12 methodology.
