New Delhi, Feb. 27 -- Emphasising the need to modernise India's economic data framework, Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), on Friday said the revision of the GDP base year was essential to reflect structural changes in the economy and improve data precision.

Speaking on the new GDP series with 2022-23 as the base year, Garg said, "Our existing series was based on the year 2011-2012. The international norm is that this should happen every five to seven years. However, due to COVID-19, we transitioned to a new financial system, and GST was introduced, which caused a slight delay."

He added that rapid digital penetration and structural shifts in the economy over the past decade made it ne...