Growth & Development

Revision of GDP Base Year (2022-23) – New GDP Series, Double Deflation

Aspect

Description

Introduction/ Concept

  • Changing the GDP base year to 2022-23 aims to align the calculation of national income with the current economic structure (consumption, production, and service sectors) to ensure an accurate assessment of real GDP growth.

Background

  • The base year for the previous GDP series in India was 2011-12. 2022-23 has been proposed as the new base year to incorporate the digital economy and new production patterns.

Key Features

  • Update of National Accounts.
  • Better reflection of current economic activities.
  • Double Deflation: Separately deflating both output and inputs ....
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