India’s merchandise trade
♦ The Commerce Ministry said the base year of India’s merchandise trade Indices has been revised from 2012–13 to 2022–23 to reflect structural changes in the economy, shifts in commodity composition, evolving trade patterns and better alignment with current macroeconomic indicators. ♦ The revision has been undertaken on the recommendations of a committee constituted by DGCI&S under the Chairmanship of Professor Nachiketa Chattopadhyay, Professor, Indian Statistical Institute, Kolkata. ♦ The new base year FY 2022–23 makes the indices reflect the current structure of India’s external trade more accurately. ♦ The earlier base year (2012–13) no longer adequately reflected the prevailing trade structure. ♦ These indices are used by key government institutions for economic analysis and policy formulation.