GDP Measurement
Base Year Revisions and Methodology
GDP (Gross Domestic Product) is the monetary value of all final goods and services produced within a country's borders in a given period. India periodically revises the base year of its GDP series to reflect structural changes in the economy — the last revision was from 2004-05 to 2011-12 (done in 2015).
- Base year revision: The reference year against which real growth is measured changes. A more recent base year (2022-23) better reflects India's current economic structure — higher share of services, digital economy, and new industries.
- Previous base year: 2011-12 (replaced by 2022-23 in February 2026) — aligned with System of National Accounts (SNA) 2008 recommendations; the new series aligns with SNA 2025.
- Double-deflation method: Separately deflates (adjusts for inflation) both the output of a sector and its intermediate inputs using their respective price deflators — more accurate than single-deflator (which applied one price index to entire value added).
- Single-deflator method: Applied a single output price index to calculate real GVA — caused distortions especially for manufacturing (where input costs and output prices move differently).
- GVA (Gross Value Added) = GDP at market prices - Product taxes + Subsidies. GVA is the supply-side measure; GDP is the demand-side measure.
- GDP = C + I + G + (X - M), where C = private consumption, I = investment, G = government spending, X-M = net exports.
- India's GDP calculation agency: National Statistics Office (NSO), under MoSPI (Ministry of Statistics and Programme Implementation).
● Tracked since February 24, 2026 · last seen August 31, 2026 · updates as the daily brief publishes
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