New Delhi: India will adopt 2022-23 as the new base year for calculating national accounts with effect from February 26–27 next year, as part of the update to the country’s economic data framework, Finance Minister Nirmala Sitharaman announced in Parliament on Wednesday.

The new 2022-23 base will replace the current base year of 2011–12, which has been in use for over a decade. The update is intended to ensure that national account statistics better reflect the present structure of the economy, she added.

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The Finance Minister made the announcement while addressing concerns over the recent C grade assigned to India’s national accounts data by the International Monetary Fund’s Article IV annual assess

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