360info | Pranav Trigunayat
India has revised its economic growth measurement methodology after a decade, updating the GDP computation base year from 2011-12 to 2022-23. This revision, delayed by GST rollout in 2017 and COVID-19, follows a previous controversial update in 2015. The Ministry of Statistics and Programme Implementation's new projections indicate India's total GDP estimates for 2022-23 have decreased by 2.9%, and for 2023-24 and 2024-25 by 3.8% each, suggesting previous overestimation. Annual GDP growth rates were revised from 9.2% to 7.2% for FY 2023-24, and from 6.5% to 7.1% for FY 2024-25. This exercise, following an IMF downgrading of India’s national account statistics to a C grade in November 2025, aims for higher accuracy by using updated information from surveys like ASUSE and PLFS, and a more disaggregated approach with micro-level price indices. Policymakers must interpret these indicators to shape employment, income, and well-being.
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