NEW DELHI, September 28 — The Ministry of Statistics and Programme Implementation (MoSPI) has introduced an upgraded Gross Domestic Product (GDP) series with 2022–23 as the base year, replacing the existing 2011–12 series to deliver more accurate and realistic estimates of national income.
A key methodological update is the adoption of 'double deflation' in manufacturing, which separately adjusts both output and intermediate input costs for price fluctuations to determine true value addition. The new series also integrates data on government-provided housing amenities, decentralized rooftop solar energy generation, and granular household savings patterns.
Economic experts noted that the revision aligns India’s national accounting framework with international statistical standards and captures the expanding share of the digital and services sectors in economic output.
National income accounting, base year revisions, and deflation methodologies are essential topics in economics syllabi for UPSC, SSC CGL, and RBI Grade B exams. Candidates should note that the National Statistical Office (NSO) under MoSPI is the official agency responsible for compiling and releasing national income estimates.