GDP figures will be released after budget 2023, because of this the government took a big decision

MoSPI will release the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation from this year to the last financial year on the last day of February.

The government has announced a change in the calendar to change the timing of the release of the data for declaring its National Account Statistics . As per the new calendar, the Ministry of Statistics and Program Implementation (MoSPI) will release the First Revised Estimates of National Income, Consumption Expenditure, Savings and Capital Formation for the last financial year from this year on the last day of February.

Earlier these figures have been released by the government on the last day of January. Officials said the aim was to underline the timing of the release of key official data and avoid confusion ahead of the budget to be announced on February 1.

This data will be released on February 28

An official said that the release date of January 31 has been changed as it is coming just two days before the budget and these numbers cannot be factored in. Also, the First Advance Estimates for the current financial year is announced on 7th January, thereby releasing multiple estimates in a short span of time. India's economy is expected to grow at 7 per cent in FY23. Till now the ministry used to issue the first revised estimate on the last working day of January. It will now release data for FY22 on February 28, as well as the second revised estimates for 2020-21, third revised estimates for 2019-20 and third quarter estimates for FY23.

There was also an option for January 15

The First Revised Estimates of National Accounts data is significant as it contains the details of India's savings, which is an important indicator of the country's development. The Gross Savings Rate to Gross National Disposable Income for 2020-21 was 27.8 per cent as against 29.4 per cent for 2019-20. The official said that one option was to release the data on January 15, but that would mean compromising comprehensive data. Hence, February 28 has been finalized and will be released along with other revised estimates. There was also criticism of releasing the data so close to the budget as it created confusion.