New Delhi, Feb. 20 -- The ministry of commerce and industry has overhauled its merchandise trade indices, shifting the base year to FY2022-23 from FY2012-13. The move aims to revamp the tracking of price and volume trends, providing a more accurate snapshot of an economy driven by high-tech manufacturing and engineering.

The Directorate General of Commercial Intelligence and Statistics, which compiles the indices, said the new series (2022-23 = 100) better reflects the current structure of India's trade basket and global patterns.

The revision comes after more than a decade, during which India's export composition has shifted sharply towards electronics, engineering goods, chemicals, and higher value-added manufacturing, while global su...