Revised Base Year Enhances India's Trade Indices Accuracy

India's commerce ministry has revised the base year for its merchandise trade indices from 2012–13 to 2022–23. This update reflects changes in the economy and global trade patterns, ensuring accurate representation of India's trade structure. The indices are vital for economic analysis and policy formulation.

The commerce ministry has announced a significant update, revising the base year for India's merchandise trade indices from 2012–13 to 2022–23. This change aims to reflect the substantial structural shifts in India's economy and evolving trade patterns, ensuring these indices more accurately align with contemporary macroeconomic indicators.

Compiled by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the updated trade indices serve as critical tools for monitoring external sector price movements. They are crucial for economic analysis, including the compilation of national accounts and assessment of trade terms. Regular revisions of the base year help capture changes in India's trade composition.

This latest revision addresses the emergence of new commodities, technological advancements, global supply chain shifts, and changes in price structures. Key government institutions rely on these indices for policy formulation, economic analysis, and balance of payments evaluation, emphasizing their importance across sectors.

(With inputs from agencies.)