India's GDP Overhaul: Understanding the New Estimates

The Ministry of Statistics and Programme Implementation has announced a new series of GDP estimates with 2022-23 as the base year, replacing 2011-12. This revision incorporates fresh data from recent surveys and updated methodologies to accurately reflect economic changes. The shift aims to enhance the measurement of emerging sectors.

In a crucial update, the Ministry of Statistics and Programme Implementation unveiled a new set of GDP estimates, now anchored to the 2022-23 base year. This significant change from the previous 2011-12 base aligns India's economic calculations with contemporary realities.

The revision introduces fresh methodologies, utilizing data from recent annual surveys such as the Annual Survey of Unincorporated Sector Enterprise and the Periodic Labour Force Survey. By incorporating GST data and findings from the Public Financial Management System, the overhaul aims to deliver more precise economic metrics.

Key enhancements in the new GDP series include refined measurements of the household sector, digital services, platform economy, and gig workers. This updated framework promises a more comprehensive view of India's dynamic economic landscape.

(With inputs from agencies.)