‘Outdated base year’: FM Sitharaman explains IMF’s ‘C’ grade on national accounts; says GDP growth figures not questioned

Finance Minister Nirmala Sitharaman on Wednesday clarified that the International Monetary Fund (IMF) did not question India’s growth figures, and said the Fund’s ‘C’ grade on national accounts stems solely from the use of an outdated base year. She said the IMF, in fact, acknowledged India’s healthy economic performance and the resilience of its financial sector, according to PTI. Responding to concerns raised by NCP MP Supriya Sule during a Lok Sabha discussion on the Central Excise (Amendment) Bill, 2025, Sitharaman told the House that India will shift to a new base year of 2022-23 for national accounts from February 27, 2026. She said the current assessments rely on data based on the 2011-12 base year, which the IMF flagged as outdated while assigning the ‘C’ grade. Accordin