New Delhi, Feb. 26 -- India is set to adopt a new GDP series with 2022-23 as the base year, replacing the 2011-12 series currently in use. While base revisions are a routine statistical exercise, this update comes after a gap of nearly 10 years.

In the intervening period, concerns have been raised about certain aspects of India's national accounts-especially the measurement of the informal sector, the use of deflators to calculate real growth, statistical discrepancies between different GDP estimates, reliance on fixed corporate ratios, and gaps in price indices such as the absence of a producer price index (PPI).

In its recent data quality assessment, the International Monetary Fund (IMF) highlighted areas where India's methods could b...