Business
Centre decides to shift GDP base year to 2022-23 from 2011-12, forms panel: Why it matters
NEW DELHI: A panel with representatives from the Reserve Bank of India (RBI), central and state governments, and academia has been formed to update the base year for calculating Gross Domestic Product (GDP) to 2022-23 from 2011-12, the government informed Parliament on Monday.
Minister of state for statistics & programme implementation, Rao Inderjit Singh, said in a written reply to the Rajya Sabha that the government has decided to revise the base year for GDP compilation to 2022-23.
He noted that the advisory committee on national accounts statistics (ACNAS), which includes members from the central and state governments, the RBI, academia, and researchers, has been set up to identify new data sources and provide advice on the methodology for compiling National Accounts Statistics under the revised series.
Steps taken to improve the statistical system include the formation of ACNAS, standardizing data structures for consistent quality reporting across the National Statistical System, and using administrative data, Rao explained.
The 26-member ACNAS, chaired by Biswanath Goldar, is expected to complete the revision by early 2026.
Earlier, in 2017 too the government had said that it would revise the base year of national accounts to 2017-18 from 2011-12.
The current GDP series based on the 2011-12 base year was released in January 2015.
The national accounts’ base year serves as a reference point for comparing economic data across different years. It helps understand shifts in purchasing power and enables the computation of growth figures adjusted for inflation.
Reasons for revision:
- The base year for national accounts is periodically updated to reflect structural changes in the economy and provide an accurate representation of economic activity through macroeconomic data.
- The GDP base year modification aligns with international practices to ensure precise economic data collection.
- Ideally, the base year should be revised every five years to account for changes in the economy.
India’s economic growth slumped to a seven-quarter low of 5.4 per cent in the July to September period.
The Central Statistical Organisation (CSO) prepared the first official national income estimates using the base year 1948-49. These estimates, including constant (1948-49) and current prices, along with Public Authority accounts, were published in 1956 in a report titled Estimates of National Income.
Business
Indian Railways plans centrally heated sleeper train, special Vande Bharat chair car for Kashmir – check features
Indian Railways eyes two special trains for Jammu & Kashmir! Indian Railways plans to introduce two new train services to enhance Kashmir connectivity in the coming month.
A centrally heated sleeper train will operate between New Delhi and Srinagar, offering a 13-hour journey through snow-covered mountains and across the 359-m-high Chenab Bridge, which is the world’s highest railway arch bridge. The train will provide premium comfort but will not include second-class sleeper coaches, sources told ET.
Previously it was being speculated that the Vande Bharat sleeper would debut on the Kashmir route, but that doesn’t appear to be the case now.
Vande Bharat for Katra-Baramulla Route in Jammu & Kashmir
- For the Katra-Baramulla route, an eight-coach Vande Bharat train with chair car seating will be introduced, a senior railway official told the financial daily.
- The
Vande Bharat Express for Jammu & Kashmir also incorporates specialised features including silicon heating pads for water tanks to prevent freezing, and toilets with warm air circulation through specially designed ducts. - In a first for Indian Railways, the loco pilots’ front glass contains embedded heating elements to prevent frost formation in sub-zero temperatures.
- The service will reduce the 246-km Katra-Baramulla journey time to three-and-a-half hours, significantly faster than the current 10-hour bus journey. Baramulla railway station lies 57 km beyond Srinagar.
Jammu & Kashmir Train Connectivity
Katra, which serves as the entry point to the Mata Vaishno Devi shrine and attracts numerous pilgrims, currently has a 16-coach Vande Bharat Express connection to New Delhi operating six days weekly.
The railway official said, “Once the Katra-Baramulla Vande Bharat becomes operational, likely by late next month, passengers will be able to seamlessly journey from New Delhi to Katra in our existing Vande Bharat and then transfer to the new service to reach Srinagar or Baramulla.”
Business
Adani spreads wings in aviation, to acquire leading MRO Air Works
NEW DELHI: The Adani Group, that operates airports in seven cities including Mumbai and is building a greenfield one at Navi Mumbai, is expanding its presence in the aviation space. It is acquiring India’s biggest private sector MRI (maintenance, repair & overhaul) player Air Works for an enterprise value of Rs 400 crore.
Adani Defence Systems & Technologies Ltd (ADSTL) has signed a SPA to acquire 85.8% shareholding in Air Works, which does line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics and asset management services for its Indian and global customers.
Air Works does base maintenance for narrowbody, turboprop and rotary aircraft at its facilities in Hosur, Mumbai and Kochi and has regulatory approvals from civil aviation authorities of over 20 countries. It also handles defence MRO.
Adani Airports director Jeet Adani said: “The Indian aviation industry stands at a transformative juncture, now the third largest globally and on track to induct over 1,500 aircraft in the coming years. This growth aligns seamlessly with Govt’s vision to connect every corner of our nation, creating unprecedented opportunities in aviation services. For us, creating a presence in the MRO sector is more than just a strategic step — it’s a commitment to building an integrated aviation services ecosystem that strengthens the backbone of India’s aviation infrastructure. Together, we are excited to play a pivotal role in shaping the future of India’s skies,” said
Adani Defence & Aerospace CEO Ashish Rajvanshi said: “This acquisition represents a pivotal step in Adani Defence & Aerospace’s mission to strengthen India’s MRO capabilities. Our vision is to deliver a full-spectrum MRO offering — spanning line, base, component, and engine maintenance — to meet the needs of both commercial and defence aviation sectors. In a time when
aatmanirbharta
in defence is a national imperative, we stand fully committed to scaling domestic capabilities to serve both our armed forces and the broader aviation sector.”
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