India’s Q3 GDP to be released in new base year; Q1, Q2 will be revised: MOSPI Secretary

The revised GDP series will adopt 2022–23

Following India’s impressive 8.2 percent GDP growth in the recent fiscal period, the Ministry of Statistics and Programme Implementation (MoSPI) has announced that the third-quarter (Q3) GDP for 2025–26 will be released using the new base year of 2022–23. Subhash Garg, Secretary at MoSPI, said on November 28, “The first advance estimate in January will follow the existing 2011–12 base, but the second advance estimate on February 27 and Q3 numbers will be calculated on the new base. To ensure continuity, we will also release Q1 and Q2 in the new series.”

The upcoming GDP series marks the first base-year revision since 2011–12.

The revised GDP methodology aims to better capture India’s evolving economic structure, including informal-sector activities and more accurate measurement of gross value added (GVA) across key sectors.

Transition Could Affect Growth Comparisons
The mid-year shift to the new base may create a temporary structural break in the GDP series.

The decision to release Q1 and Q2 estimates in the new series is intended to smooth the transition and provide a coherent framework for analysis.

Refined Methodology

The overhaul includes updated estimation techniques for manufacturing, agriculture, construction, real estate, and services by integrating administrative and enterprise-level data.

A base-year revision updates the reference point for measuring economic growth, reflecting recent consumption patterns, sectoral contributions, and structural changes. It improves comparability and provides a more accurate representation of India’s current economic landscape, encompassing both formal and informal activities.

The Ministry of Statistics and Programme Implementation (MoSPI) released a discussion paper on November 21 outlining the shape of the new methodology.

The revised GDP series will adopt 2022–23 as the new base year and draw on several datasets that were not available during the last overhaul over a decade ago. These include a refined frame of active companies, detailed filings from Limited Liability Partnerships (LLPs), more disclosures from corporate annual returns, and the annual survey of unincorporated enterprises.

Together, these inputs aim to strengthen estimates across institutional sectors, especially private corporations and MSME-heavy activities where data gaps have long persisted. A key improvement is the ability to measure the turnover share of companies by specific business activity.