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A REVISION OF GDP AND ITS IMPLICATIONS Why in the News? India has released a revised GDP series with 2022–23 as the new base year, replacing the earlier 2011–12 base year series. The revision reduces the estimated absolute size of GDP and alters the sectoral composition of production in the economy. While the correction in …
Read MoreIndia’s Revised GDP Series: Improvements and Structural Concerns Syllabus: GS-3: Growth & Development Why in the News ? India’s Ministry of Statistics and Programme Implementation (MoSPI) recently released the new GDP series with base year 2022–23, replacing the 2011–12 base. The revision introduces methodological improvements, new datasets, and sectoral changes in Gross Value Added (GVA) …
Read MoreIndia to Revise GDP Base Year to 2022-23 Why in the News? The Ministry of Statistics has announced that India’s GDP base year will be updated from 2011-12 to 2022-23, with revised data expected by February 2026. This is part of a broader effort to better reflect the evolving economy. Understanding GDP Base Year Revision: …
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