What Government Said On Changing The Base Year For Computation Of GDP

Minister of State in the Ministry of Statistics and Programme Implementation, Rao Inderjit Singh said the Union Government has decided to update the base year for compilation of Gross Domestic Product (GDP) from 2011-12 to 2022-23. While answering a question in the Rajya Sabha, the minister has also said an Advisory Committee on National Accounts Statistics (ACNAS) comprising of representatives from Central and State governments, Reserve Bank India, academia and researchers has been constituted for identification of new data sources and to advise on the methodology for compilation of National Accounts Statistics in the revised series.

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“Steps, such as constitution of ACNAS, standardization of data structure to promote harmonized quality reporting across National Statistical System and use of administrative data are the steps taken by the Government to improve the statistical system,” the minister added.
Mr Rao was responding to a question asked by Rajya Sabha member Pramod Tiwari.
GDP refers to the total monetary value of all goods and services produced within the country’s borders over a specific period, typically measured annually or quarterly. It is a key indicator used to assess the health and size of the Indian economy. GDP captures the overall economic activity, including agriculture, industry, and services, which are the primary sectors driving India’s economic growth.
India calculates its Gross Domestic Product (GDP) using a combination of methods that reflect the diverse and complex nature of its economy. These methods include the production approach, the expenditure approach, and the income approach, each of which offers a unique perspective on economic activity.

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The task of compiling and publishing GDP data is undertaken by the Central Statistics Office (CSO), which operates under the Ministry of Statistics and Programme Implementation (MoSPI).