4 min readFeb 27, 2026 04:27 PM ISTThe release of the new GDP series with 2022-23 as the base year comes more than a decade after the exercise was last performed by the statistics ministry. (Representative image)The Indian economy grew by 7.8% in October-December 2025 according to the new GDP series with 2022-23 as the base year, with growth for 2025-26 as a whole seen at 7.6% as per the Ministry of Statistics and Programme Implementation’s (MoSPI) second advance estimate. This is higher than the first advance estimate of 7.4% released in January under the old GDP series which had a base year of 2011-12.The revisions made to other GDP growth figures under the old series are as follows:April-June 2025 GDP growth is now 6.7% versus 7.8% under the old seriesJuly-September 2025 GDP growth is now 8.4% versus 8.2% under the old series2023-24 GDP growth is now 7.2% versus 9.2% under the old series2024-25 GDP growth is now 7.1% versus 6.5% under the old seriesIt is expected that it will take until December 2026 for MoSPI to provide a complete ‘back series’ that shows GDP data for years before 2022-23 as per the new GDP series.“As per the past practice for calculation of Back Series in India, estimates are recalculated using revised methodology of the new series till the immediate preceding base and spliced at disaggregated level, thereafter, till 1950-51. A judicious approach combining splicing and recalculation, aligned with the international best practice, will be used. However, the methodology for back series will be finalised in consultation with the advisory committee which has been constituted to advise the Ministry on methodological improvements and incorporation of new data sources in compilation of GDP estimates. Back series is expected to be released by December 2026,” MoSPI said on Friday.The release of the new GDP series with 2022-23 as the base year comes more than a decade after the exercise was last performed by the statistics ministry. Back in January 2015, when the erstwhile GDP series with 2004-05 as the base year was revised, growth was raised for some years and lowered for others after MoSPI incorporated several methodological changes to measure the size of the Indian economy more accurately and comprehensively.However, the magnitude of some revisions left economists puzzled, with Raghuram Rajan, then the Governor of the Reserve Bank of India (RBI), saying the central bank found it “hard to see the economy as rollicking” in 2013-14 after growth for that year was raised to 6.9% (later revised to 6.4%) from 4.7% as per the 2004-05 GDP series.The 2022-23 GDP series has also undergone major changes, the most crucial of which has been how nominal GDP is adjusted for price changes to arrive at real GDP. The so-called single-deflator method, used until now by MoSPI to calculate the Gross Value Added (GVA) of all sectors other than agriculture and mining and quarrying, could lead to growth being overstated at times when commodity prices were falling or not rising as fast as consumer prices. In a major move, the new GDP series does not use the single-deflator method at all and instead uses double-deflation – adjusting input and outputs by their respective inflation rates – with deflators also being used at a more granular level. This allows for more accurate measurement of real GDP growth.Story continues below this adSome other changes in the new series include the use of new sources of data and surveys (GST, e-Vahan, Annual Survey of Unincorporated Sector Enterprise, Periodic Labour Force Survey, among others). Further, by integrating national accounts data with Supply and Use Tables – which show how different goods and services are supplied by domestic industries and imports and how they are distributed between different intermediate or final uses, including exports – MoSPI is hoping to minimise the ‘discrepancy’ component which arises when GDP measured by the more reliable production approach does not match with the GDP calculated via the expenditure method. Large discrepancies can lead to significant revisions in GDP growth rates in the future while making it difficult to understand what is driving growth.Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More © The Indian Express Pvt Ltd