India Revises GDP Base Year to 2022-23, Updates Growth and Nominal Estimates

India has updated its GDP base year from 2011-12 to 2022-23, introducing revised economic data that reflects current economic structures and measurement methods, including a double-deflation approach. The new series projects real GDP growth of 7.6% for FY 2025-26, slightly higher than previous estimates, while revising past growth rates. Nominal GDP values have also been adjusted downward due to changes in included items. These updates aim to enhance the accuracy and relevance of India's economic indicators amid evolving fiscal and global economic contexts.