New Delhi, Feb 27 (SocialNews.XYZ) As the new GDP series (with base year 2022–23) is scheduled to be released on Friday, a sub-committee set up by the Ministry of Statistics and Programme Implementation (MoSPI) has also recommended an enhanced use of GST data in the new series for GDP estimates.
The report of the sub-committee forms part of the process launched by MoSPI to revise the base year of the National Accounts to FY 2022–23.
In the 2011-12 series, GST data were used to compile the Quarterly National Accounts and in some sectors of the Annual National Accounts.
India is updating its GDP base year from 2011-12 to 2022-23. This revision, along with an updated CPI base (2024), aims to better reflect the current economic structure, including increased digital commerce and service.
The overhaul includes better measurement of the informal sector and new data sources like GST, potentially placing India as the world's fourth-largest economy. The new methodology will incorporate more granular data, including GST records, e-Vahan (vehicle registrations), and information on natural gas consumption.
As per the first advance estimate, GDP is estimated to growth at 7.4 per cent in FY26, with growth largely driven by domestic demand.
According to SBI research, India’s GDP growth in the third quarter of FY26 is likely to come at 8-8.1 per cent and domestic economy has maintained strong growth momentum despite global headwinds. High-frequency activity data indicates resilient economic activity in Q3 FY26 (October-December 2025).
The GDP growth for the third quarter of the current financial year (Q3 FY26) is likely to remain elevated at 8.3 per cent despite an adverse base effect, according to another report by Union Bank of India.
The Second Advance Estimates of GDP for 2025-26 along with past 3 financial years’ GDP estimates, as well as Quarterly GDP estimates as per the new base 2022-23, will be released on Friday.
—IANS
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Source: IANS
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