{"id":422960,"date":"2025-12-04T00:42:25","date_gmt":"2025-12-04T00:42:25","guid":{"rendered":"https:\/\/www.europesays.com\/us\/422960\/"},"modified":"2025-12-04T00:42:25","modified_gmt":"2025-12-04T00:42:25","slug":"govt-to-revise-gdp-base-to-fy23-to-reflect-economic-changes-fm-sitharaman-india-news","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/422960\/","title":{"rendered":"Govt to revise GDP base to FY23 to reflect economic changes: FM Sitharaman | India News"},"content":{"rendered":"

\"<\/p>\n

Finance minister Nirmala Sitharaman<\/p>\n

NEW DELHI: Finance minister Nirmala Sitharaman<\/a> Wednesday said that govt is moving to update the base year for calculating GDP to 2022-23 instead of 2010-11 and dismissed concerns over an IMF report\u2019s reference to India\u2019s data quality.The new base, which will also come with a revised basket to goods and services, will reflect the changes in the economy as consumption patterns have changed over the last 15 years. Data based on the new series will be released on Feb 27 with the first advance estimate based on the current base to be released on Jan 7. There will also be changes in the base year for inflation and industrial production next year.India\u2019s economic data has come under scrutiny, and a revamp is seen to be necessary to capture the changes in the digital economy.Recently, IMF in its annual report on India gave negative remarks on quality of data & called for measures to make it more up to date.Responding to the IMF report, which was raised in Lok Sabha, Sitharaman said that the multilateral agency focused largely on India\u2019s overall healthy economic performance.\u201cThe ratings given by IMF are part of its report on the Indian economy, which expects India\u2019s GDP to grow at 6.5% in 2025-26. It recognises growth in the private sector, macroeconomic stability and the resilience of the Indian financial sector. These are identified as key drivers of growth. IMF also notes that inflation is well below RBI\u2019s tolerance band and is projected to be 4.3% for the full year. The point of contention was the quality of data on which the \u2018C\u2019 grade was given. The \u2018C\u2019 grade is assigned to the National Accounts data because it is based on an outdated base year \u2014 2011-12,\u201d she said.She said that govt is in the process of updating the base year. \u201cSo, the data currently being used is based on the 2011-12 base year, and it is solely for this reason that we have been given a \u2018C\u2019 grade. The IMF report does not question the growth figures,\u201d she said, rejecting opposition\u2019s criticism.Latest data released by NSO, estimated India\u2019s GDP to have grown by scorching 8.2% in the July-Sept quarter, after a robust 7.8% in the first three months of the financial year.<\/p>\n","protected":false},"excerpt":{"rendered":"Finance minister Nirmala Sitharaman NEW DELHI: Finance minister Nirmala Sitharaman Wednesday said that govt is moving to update…\n","protected":false},"author":3,"featured_media":422961,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[104,64,79,197367,4677,197370,1567,197368,90283,4674,4675,197369,34898,4676,67,132,68],"class_list":{"0":"post-422960","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-breaking-news","9":"tag-business","10":"tag-economy","11":"tag-gdp-base-year-revision","12":"tag-google-news","13":"tag-imf-report-india","14":"tag-india","15":"tag-india-economic-data-quality","16":"tag-india-gdp-growth","17":"tag-india-news","18":"tag-india-news-today","19":"tag-inflation-base-year-update","20":"tag-nirmala-sitharaman","21":"tag-today-news","22":"tag-united-states","23":"tag-unitedstates","24":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115658526806947232","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/422960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=422960"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/422960\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/422961"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=422960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=422960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=422960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}