New GDP Data Series: Base Year 2022–23 and Key Changes for UPSC

India is set to release a revised national accounts series aimed at improving the accuracy of GDP and GVA estimation.

Key Improvements:

Base Year Update: Shift from 2011–12 to 2022–23
Refined Corporate Estimation: Activity-wise revenue allocation instead of assigning output to a single dominant sector
Expanded Data Use: Greater reliance on GST data, RBI banking statistics, MCA filings, ASUSE and PLFS surveys
Improved Sectoral Coverage: Inclusion of government-provided housing services and better state-level data integration

Formula reminder:
GDP = GVA + Taxes on Products − Subsidies on Products

This revision reflects methodological modernization and deeper data integration across formal and informal sectors.

New GDP Data Series
PYQ – 2015, Ans – D
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New GDP Data Series: Base Year 2022–23 and Key Changes for UPSC

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