New Delhi, March 5 -- Last week, India's statistics ministry released its first estimates of gross domestic product (GDP) and other associated national accounts data with 2022-23 as the base year for a new GDP series.

This is the second major economic indicator after the consumer price index (CPI) to have seen a base revision. Both these indicators had been using 2011-12 as base year, rendering them more than a decade old. But similar to the CPI revision, the one in the national accounts is also not just a technical re-basing. It also makes several methodological changes and uses new as well as revised sources.

Besides using new data-sets, the two national surveys by the National Statistical Office (NSO) and administrative data from sev...