Overview of New GDP Base Year 2022-23
The Ministry of Statistics and Programme Implementation (MoSPI) has released GDP numbers based on the new base year 2022-23, showcasing significant economic growth and methodological changes.
Key GDP Figures
- Real GDP Growth: More than 7% for 2023-24 to 2025-26.
- Nominal GDP Growth: More than 9% in the same period.
- FY26 Advanced Estimates: Real GDP grew by 7.6%, nominal GDP by 8.6%.
Methodological Improvements
The revised GDP figures incorporate methodological upgrades and new data sources:
- Inclusion of annual surveys and expanded administrative datasets.
- Introduction of refined deflation methods for more accurate economic dynamics portrayal.
Sectoral Impact and Initiatives
- Manufacturing: Average growth of 11% (2023-24 to 2025-26) aided by enhanced data capture and government schemes, like the PLI scheme.
- Agriculture: Improved value added through reduced diesel usage and focus on high-value crops.
- Services Sector: Growth in trade, hotels, transport, and communication enhanced by precise data from ASUSE and PLFS.
Data Integration and Benefits
- New digital data sources such as e-Vahan, MGT-7, GST, and PFMS integrated.
- GST data improving quarterly estimates and state-wise allocations.
Sub-National Data and Policy Making
Efforts target enhancing administrative data for evidence-based decision-making:
- Focus on data quality, comparability, and interoperability at national and sub-national levels.
- Support for robust GDP estimation at state and district levels through ASUSE and PLFS.
- Future improvements with data from ASISSE and GST for sub-national accounts.
Conclusion
The revised GDP foundation marks the beginning of a transformative journey enhancing the statistical system, offering policymakers actionable insights for a dynamic future.
