MoSPI Releases New GDP Series with Base Year 2022-23
Why focus: Landmark GS3 Economy update; GDP base year shifts to 2022-23 are high-probability targets for macroeconomic statement-based questions.
In News
What Happened
Why It Matters
Background
History & Context
What Changed
- ▶
Base Year: BEFORE the reference year for constant prices was 2011-12, NOW the reference year is 2022-23.
- ▶
Data Sources: BEFORE the series relied heavily on older enterprise surveys and MCA-21 filings, NOW it integrates modern data points like Goods and Services Tax (GST) returns and the Periodic Labour Force Survey (PLFS).
- ▶
Sectoral Weightage: BEFORE the weights of different sectors reflected the 2011-12 economy, NOW the weights have been re-calibrated to represent the 2022-23 economy, giving better representation to emerging services and the digital economy.
Prelims Angle
NCERT Connection
Practice Questions
Q1
Correct Statement(s)Which of the following statements is/are correct regarding the calculation of GDP in India? 1. The new GDP series released by MoSPI revised the base year for national accounts from 2011-12 to 2022-23. 2. Real GDP is calculated using current year prices, allowing it to capture the effects of inflation on economic growth.