India Revises GDP Calculation Methodology with 2022-23 Base Year and Enhanced Data

India is revising its GDP calculation methodology with a new base year of 2022-23, aiming to improve accuracy by using more granular price deflators from about 500-600 items in the consumer price index and wholesale price index, up from 180 earlier. The update includes double deflation to better measure manufacturing output and aligns data sources like GST filings and surveys. The government will not use UPI transaction data due to instability and broad categorization. The new GDP series will be released on February 27, covering the past four years and future estimates.