India Updates GDP Base Year to 2022-23
India is updating its GDP base year from 2011-12 to 2022-23 to better reflect recent economic activities and trends. This shift accounts for changes in consumption patterns, industry dynamics, and post-pandemic economic realities. Managed by a 26-member Advisory Committee chaired by Biswanath Goldar, the revision aligns GDP data with other indices like the Consumer Price Index (CPI) and Wholesale Price Index (WPI). India calculates GDP using factor cost and expenditure methods, with data collected by the Central Statistics Office (CSO). The update is expected to provide a more accurate economic representation and enhance policy-making.
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