Revamping Economic Metrics: A New Era for GDP Estimations
The updated GDP series with the base year 2022-23 aims to refine economic data accuracy by incorporating GST, e-Vahan, and household services data. MoSPI's revision reflects economic shifts, expecting a new data release by December 2026. Comprehensive surveys enhance dynamism measurement in household sectors.
- Country:
- India
The Ministry of Statistics and Programme Implementation (MoSPI) is introducing a new series for Gross Domestic Product (GDP), updating the base year to 2022-23, to enhance economic data's accuracy. This revision will include data contributions from goods and services tax (GST), e-Vahan, and domestic help services.
The GDP data for the third quarter of 2025 is set for release soon, heralding a much-anticipated update in economic analysis practices. This move, disrupted previously by the Covid pandemic, aligns with MoSPI’s practice of revising data series every five years.
New methods, including double deflation in manufacturing and agriculture, are expected to offer more reliable GDP deflators. Moreover, critical data from comprehensive surveys will provide an accurate portrayal of household sector dynamics and services allocation, promising to refine economic insights.
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