New Delhi, February 27: India’s move to regularly update its base year for GDP calculations signals a strong commitment to data-driven policies amid global economic turbulence and the nation’s deepening integration into global value chains. Economists highlighted this on Friday as a pivotal step forward.
Rajiv Juneja, Chairman of PHDCCI, emphasized that the revised GDP framework will significantly enhance the credibility and analytical utility of India’s national accounts. ‘This new methodology promises policymakers, businesses, and investors a sharper, more accurate snapshot of economic activity across sectors,’ he stated.
The updated series incorporates a wealth of data sources, including GST figures, financial results from listed companies, transportation indicators, and digital administrative records. This comprehensive approach is expected to strengthen measurements of economic production, consumption, investment, and regional contributions, positioning India for the next phase of development.
Dr. Ranjit Mehta, CEO and Advisor at PHDCCI, added that foreign investors—both institutional and non-institutional—will view these reliable, internationally comparable statistics as a green light for India’s private capex-led growth story.
Aditi Nair, Chief Economist at ICRA Limited, pointed to robust recent performance: manufacturing GVA grew at double digits for the fifth straight quarter in Q3 FY2026, while services GVA accelerated to a seven-quarter high of 9.5% from 9.3% previously. ‘With base effects pushing CPI inflation expectations higher, ICRA anticipates policy rates will remain steady in the near term,’ she noted.
This overhaul comes at a critical juncture, as India navigates geopolitical uncertainties and supply chain shifts. By modernizing its statistical framework, the country not only bolsters domestic decision-making but also elevates its standing in global economic forums. Experts agree: credible data is the bedrock of sustained growth.