New Economic Policy & Govt. Sector
GDP Base Year Revised to 2022-23
▪ The Ministry of Statistics and Programme Implementation (MoSPI) announced that the
government is revising the Gross Domestic Product (GDP) base year from 2011-12 to 2022-
23. The revised data will be released on 27th February 2026.
▪ The base year for Index of Industrial Production (IIP) will also be revised to 2022-23 while the base year for Consumer Price Index will be revised to 2023-24.
▪ GDP is the key metric for measuring a country’s annual economic growth or its overall economic size, and the “base year” serves as the reference point for these calculations.
▪ The base year revision ensures the inclusion of new industries, removal of outdated ones,
adoption of better data sources and methods, and more accurate measurement of real economic growth after adjusting for inflation.
▪ The base year should be a normal year i.e., it must not experience any abnormal incidents such as droughts, floods, earthquakes, pandemic, etc. Also, it should not be too distant in the past.
▪ The base year should ideally be updated every 5 to 10 years to ensure national accounts reflect the most recent data.
▪ The upcoming 2026 revision will be the eighth base year update, following seven earlier
revisions, starting from 1948-49 to 1960-61 in August 1967 and most recently from 2004-
05 to 2011-12 on 30th January 2015.
▪ The first national income estimates for India were compiled by the National Income
Committee (chaired by P.C. Mahalanobis) in 1949.
▪ In June 2024, MoSPI set up a 26-member Advisory Committee on National Accounts Statistics (ACNAS) to decide the base year for GDP data, under the chairmanship of Biswanath Goldar.
▪ It also focused on aligning GDP with other key macro indicators such as the WPI, CPI, and IIP.
Reports and Indices
Global Energy Transition Index
▪ India’s position in the global Energy Transition Index has shifted to 71st in 2025.
▪ This ranking was released by the World Economic Forum, which assesses the energy transition performance of 118 countries.
▪ Despite a drop from 63rd last year, alongside China, has shown improvements in energy access and transition readiness.
Global Rankings Overview :
▪ Sweden leads the Energy Transition Index, followed by Finland, Denmark, Norway, and
Switzerland.
▪ Other notable rankings include China at 12th and the United States at 17th.
▪ Pakistan ranks 101st, while Congo holds the last position.
