A panel comprising representatives of the Reserve Bank, centre and state governments as well as academia has been constituted to revise the base year of national accounts or GDP from 2011-12 to 2022-23, Parliament was informed on Monday (November 2, 2024).

• Advisory Committee on National Accounts Statistics (ACNAS) comprising representatives from the Central and State Governments, Reserve Bank India, Academia and Researchers has been constituted for the identification of new data sources and to advise on the methodology for compilation of National Accounts Statistics in the revised series.
• Steps such as the constitution of ACNAS, standardization of data structure to promote harmonised quality reporting across the National Statistical System and use of administrative data are the steps taken by the government to improve the statistical system, he stated.
• The 26-member ACNAS, which was constituted under the Chairmanship of Biswanath Goldar, is expected to complete the exercise by early 2026.
• The Gross Domestic Product (GDP) data based on the 2011-12 series was released in January 2015.

What is Base Year?          

Base year is a benchmark used for GDP calculation. It allows for comparison  of economic growth over a period of time by eliminating the effects of inflation.