Central Statistics Office (CSO)
♦ The Union Government announced its decision to change the base year for GDP calculation from 2011-12 to 2022-23 on 2 December 2024. ♦ This significant move aims to present a more accurate reflection of the current economic structure and improve policymaking. The base year is a benchmark for calculating GDP by eliminating the effects of inflation, allowing for a comparison of economic growth over time. ♦ The shift from 2011-12 to 2022-23 is particularly relevant because the Indian economy has undergone substantial transformations over the past decade. ♦ The GDP base year of 2011-12 was fixed in January 2015 when the Central Statistics Office (CSO), now part of the Ministry of Statistics and Programme Implementation (MoSPI), revised the base year for calculating national accounts.