India is about to revise its GDP base year to probably 22 -23
but what is a base year?
All price series used to calculate WPI and CPI, which are ultimately used as deflators to arrive at true figures of GDP growth are sourced from the base year.
Base year is a reference year used to compare GDP growth in successive years So yeah, its very important
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Understanding the importance of the Base year
Previously the base year was revised to 2011 -2012 in year 2015
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Ministry of Statistics and Programme Implementation (MoSPI) had set up a 26 member committee for revision of the base year
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