Who is Known as the Birdman of India?

Birds are a fascinating part of nature and studying them helps us understand the environment better. In India, one person dedicated his life to studying and protecting birds, leaving a lasting impact on wildlife conservation. His work has inspired generations to appreciate the beauty and importance of birds in our world. In this article, we will know about the person who is known as the “Birdman of India.”

Father of Birdman of India

Salim Moizuddin Abdul Ali, famously known as the “Birdman of India,” was a naturalist and ornithologist. He made significant important contributions to the study of birds in India. Born of 12th November 1896 in Mumbai, Maharashtra, Salim Ali’s life and work inspired generations of nature lovers and bird watchers.

Early Life of Salim Ali

Salim Ali was born in Khetwadi, Bombay (now Mumbai). His full name was Salim Moizuddin Abdul Ali. Tragedy struck him early in life as he lost his father at the age of one and his mother at the age of three. After becoming an orphan, his maternal aunt and uncle, Hamida Begum and Amiruddin Tyabji, raised him.

His uncle, a nature enthusiast and hunter, introduced Salim to the beauty of the natural world. This early exposure developed Salim’s love for nature. As a child, Salim showed curiosity about birds. Once, after shooting a sparrow with a yellow patch on its neck, he wondered about its species. This curiosity led him to the Bombay Natural History Science, where Secretary W.S. Millard encouraged his interest in birds.

Challenges and Education of Salim Ali

Salim Ali faced challenges in his education. He struggled with mathematics, which prevented him from completing college. Later, he took a zoology course and worked as a guide at the Bombay Natural History Museum.

Eager to learn more, Salim went to Germany to study birds under Professor Stresemann at the Berlin Zoological Museum. After returning to India, he lost his job due to a lack of funds but remained dedicated to his passion for ornithology.

Books by Salim Ali

Salim Ali wrote several books that became popular among bird lovers:

  • The Book of Indian Birds (1941): This book provided detailed information about various Indian birds and became widely popular.
  • Handbook of the Birds of India and Pakistan: Co-authored with S. Dillon Ripely, this book was a result of years of hard work and research.
  • The Fall of a Sparrow: This is Salim Ali’s autobiography, where he shared stories of his life and work.

Contributions of Salim Ali to Ornithology

Salim Ali spent over 60 years studying and protecting Indian birds. He conducted bird surveys across the country and worked for the conservation of nature. His efforts helped raise awareness about the importance of protecting wildlife and natural habitats.

Awards and Recognition

Salim Ali received several awards for his work:

  • In 1983, he was honored with the Padma Vibhushan, India’s second-highest civilian award.
  • He also received an International award of Rs.5 lakh, which he donated to the Bombay Natural History Society.

Death and Legacy of Salim Ali

Salim Ali passed away on 20th June 1987. His remarkable knowledge of birds and his dedication to nature conservation continue to inspire people. He remains a celebrated figure in India ornithology, and his contributions have earned him the title of the “Birdman of India.”

Top-5 Fennel Seeds Producing States of India, Know the Names

Fennel seeds are an important spice in Indian cuisine and medicine, known for their distinct flavor and health benefits. India is one of the largest producers of fennel seeds in the world, with several states contributing significantly to its production. In this article, we will explore the top-5 states in India that produce the most fennel seeds, helping to meet both local and global demand.

Fennel Seeds Production in India

In 2023, India’s fennel seed production was estimated at 137,000 metric tons, showing an increase from previous years. This growth highlights the rising demand for fennel seeds in both domestic and international markets, reflecting the strength of India’s fennel farming industry.

Top-5 Fennel Seeds Producing States of India

Fennel seeds are a widely used spice in India, known for their unique flavor and health benefits. Several states in India contribute significantly to its production, meeting both local and international demand. Let’s explore the top-5 five fennel seed-producing states based on their output.

  • Gujarat
  • Rajasthan
  • Madhya Pradesh
  • West Bengal
  • Uttar Pradesh

Gujarat

Gujarat stands as the leading producer of fennel seeds in India, with an impressive production of 87,435,000 MMT. The state’s favorable climate and advanced agricultural practices make it the top contributor to India’s fennel supply.

Rajasthan

Rajasthan holds the second position with a production of 34,276,000 MMT. The state’s dry climate and fertile soil are ideal for fennel cultivation, helping it secure its place as a major producer.

Madhya Pradesh

Madhya Pradesh ranks third, producing 3,717,000 MMT of fennel seeds. The state has been steadily increasing its production through better farming techniques and government support for agriculture.

West Bengal

West Bengal is the fourth-largest producer of fennel seeds, with a production of 1,090,000 MMT. Although its output is smaller compared to the top states, it remains an important contributor to India’s overall fennel production.

Uttar Pradesh

Uttar Pradesh ranks fifth with a production of 791,000 MMT. The state is gradually improving its fennel farming through enhanced techniques and support, boosting its contribution to the nation’s supply.

RBI Approves Merger of National and Cosmos Co-operative Banks

The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective from January 6, 2025. This decision is part of ongoing consolidation efforts within India’s banking sector. Following the merger, the branches of National Co-operative Bank will operate as part of Cosmos Co-operative Bank. The approval comes after a series of restrictions imposed on National Co-operative Bank due to its weak financial performance.

Key Points

RBI Approval

  • The merger of National Co-operative Bank Ltd., Bangalore with Cosmos Co-operative Bank Ltd., Maharashtra has been sanctioned by the RBI.

Effective Date

  • The merger will come into effect from January 6, 2025.

Legal Framework

  • The merger is sanctioned under the powers conferred by Sub-Section (4) of Section 44A and Section 56 of the Banking Regulation Act, 1949.

Branch Operations

  • Post-merger, all 13 branches of National Co-operative Bank in Karnataka will function as branches of Cosmos Co-operative Bank.

Previous Mergers

  • In FY24, Maratha Sahakari Bank and Sahebrao Deshmukh Sahakari Bank were also merged with Cosmos Bank.
  • RBI Restrictions on National Co-operative Bank: In July 2023, the RBI imposed restrictions on the National Co-operative Bank, limiting deposit withdrawals to Rs 50,000 per account due to its weak financial health. These restrictions were extended up to January 24, 2025.

Merger Rationale

  • The merger aims to strengthen the financial health and operational reach of the participating banks, contributing to the broader consolidation within India’s co-operative banking sector.
Summary/Static Details
Why in the news? RBI Approves Merger of National and Cosmos Co-operative Banks
Merger Approved By RBI
Banks Involved National Co-operative Bank Ltd. (Bangalore) and Cosmos Co-operative Bank Ltd. (Maharashtra)
Branches Impacted 13 branches of National Co-operative Bank (Bangalore) will become part of Cosmos Co-operative Bank
RBI Restrictions Limits on deposit withdrawals of Rs 50,000 per account for National Co-operative Bank till January 24, 2025
Legal Framework Sub-Section (4) of Section 44A and Section 56 of the Banking Regulation Act, 1949
Objective Strengthen the financial health and operational reach of the merged entities

BharatPe to Sell 25% Stake in Unity Small Finance Bank

India’s leading fintech company BharatPe is planning to sell up to 25% of its 49% stake in Unity Small Finance Bank (Unity Bank). The move is aimed at raising around $800 million (approximately Rs 6,500 crore) and is part of the company’s plan to meet RBI’s regulatory requirements. BharatPe, a major player in the digital payments and financial services sector, has appointed Rothschild & Co to oversee the stake sale.

Key Highlights

Stake Sale

  • BharatPe plans to sell up to 25% of its 49% stake in Unity Bank.
  • The company aims to raise approximately $800 million (Rs 6,500 crore) through this stake sale.

Regulatory Compliance

  • The Reserve Bank of India (RBI) mandates that BharatPe’s parent company, Resilient Innovation Private Limited, reduce its stake in Unity Bank to 10% by 2029.
  • BharatPe has appointed Rothschild & Co to facilitate the stake sale.

Unity Small Finance Bank Establishment and Progress

  • Unity Bank was established in November 2021 through a collaboration between Centrum Financial Services and BharatPe.
  • The bank gained recognition for successfully acquiring PMC Bank shortly after its launch.
  • In September 2024, Unity Bank reported a net profit of Rs 187 crore, up from Rs 138 crore in the previous year.
  • The bank’s total income grew by 77% to reach Rs 640 crore in the same quarter.

Digital First Banking Model

  • Unity Bank follows a digital-first model offering a seamless banking experience through open architecture and partnered business models.
  • It focuses on providing digital banking services to both small businesses and consumers.

BharatPe’s Background and Expansion Plans

  • Founded in 2018, BharatPe has grown into a significant player in payments and financial services.
  • Its investors include prominent names like Tiger Global, Sequoia Capital (now Peak 15 Partners), Dragoneer Investment Group, and Insight Partners.
  • BharatPe aims to use the funds from the stake sale to strengthen its core financial services and develop new products.

Future Plans

  • BharatPe sees the stake reduction as a way to meet regulatory requirements while also raising funds to expand its other business operations.
  • The company aims to use the proceeds to further grow its financial services offerings and boost innovation in the fintech space.
Summary/Static Details
Why in the news? BharatPe to Sell 25% Stake in Unity Small Finance Bank
Stake Sale 25% of BharatPe’s 49% stake in Unity Small Finance Bank
Estimated Funds Raised $800 million (approximately Rs 6,500 crore)
Reason for Sale To meet RBI’s regulatory requirement to reduce stake to 10% by 2029
Consultant Rothschild & Co
Key Achievement Acquired PMC Bank
Profit (Q2 FY24) Rs 187 crore (up from Rs 138 crore last year)
Total Income Growth 77%, reaching Rs 640 crore
Business Model Digital-first banking model
Major Investors Tiger Global, Sequoia Capital (Peak 15 Partners), Dragoneer Investment Group, Insight Partners
BharatPe’s Plan Use funds to expand financial services and launch new products

Why Every Hill Station has a Mall Road?

Mall Roads are an important feature in almost every hill station. They are usually located in the heart of the town, attracting both tourists and locals. These roads offer a combination of shopping, dining and leisure, making them popular for strolls and socializing. The scenic beauty along these roads adds to their charm, offering visitors a chance to enjoy the surroundings while shopping or relaxing in the cool climate of the hill station.

Why Every Hill Station has Mall Road?

Every hill station in India has a Mall Road because the British created them during colonial times as social hubs. Originally designed for married officers, these roads offered a space for relaxation and entertainment. Over time, they became central to hill stations, with shops, restaurants, and important buildings like post offices and hospitals. The wide boulevards also encouraged leisurely walks, making Mall Roads a key part of the hill station experience.

Origin of Mall Roads

Mall Roads were originally developed during British rule in India. They were designed as military residential areas, specifically to separate married officers from bachelors. The name “Mall” is said to stand for “Married Accommodation and Living Line Road.” Over time, these roads became social hubs, serving as spaces for relaxation and social activities.

Entertainment Hub

The British  also built shops, restaurants and other entertainment venues along Mall Roads. These spots provided a place for the British officers to relax, enjoy meals and shop. Today, Mall Roads continue to be lively areas with various shops, cafes and other recreational spaces that attract both locals and tourists.

Mall Road, A Place for Social Activities

The Mall Road was designed as a place for social activities. During the colonial era, it was used for social calls, teas, strolls, picnics, dinners, balls, races and amateur theatricals. These social gatherings helped people meet and bond in a relaxed environment. The tradition continues today, with Mall Roads often being the center of social life in hill stations.

Wide Boulevards for Leisurely Walks

The British designed hill stations with wide roads and beautiful gardens to encourage leisurely walks. The Mall Road’s wide space allows people to stroll while enjoying the natural beauty of the area. The scenic views, combined with the well-planned road, make it a perfect spot for tourists to relax and enjoy the surroundings.

Popular Mall Roads in India

Many popular hill stations in India have their own Mall Roads. Some of the famous ones include:

  • MG Road in Gangtok, Sikkim
  • Mall Road in Shimla
  • Mall Road in Manali
  • Mall Road in Dehradun

These Mall Roads continue to be important in the daily life of hill stations and are often the first places tourists visit when they arrive.

Mike Johnson Re-Elected as US House Speaker

Mike Johnson, a Republican from Louisiana, was re-elected as the Speaker of the U.S. House of Representatives in a tense, high-stakes vote on the first day of the new Congress. Despite opposition from hard-right Republicans and the looming challenges of unified GOP control, Johnson secured the position with the support of President-elect Donald Trump. This re-election came with a number of challenges, including a slim majority, internal Republican divisions, and heightened political stakes as the GOP prepares for ambitious policy initiatives under Trump’s leadership.

Key Points

Re-Election Victory

  • Mike Johnson was re-elected as Speaker of the House on the first ballot, securing victory with support from President-elect Donald Trump.

Political Challenges

  • Johnson faced opposition from hard-right Republicans, including members of the Freedom Caucus, who initially withheld their support.

Support From Trump

  • Trump’s backing played a crucial role in Johnson’s re-election, with Trump encouraging Republicans to rally behind Johnson for a win for the party.

Democratic Opposition

  • Democrats, led by Hakeem Jeffries, presented a united front, emphasizing their belief that Johnson lacked the ability to bring progress in the face of Republican division.

House Dynamics

  • Johnson’s re-election came with a razor-thin majority and the added pressure of a divided GOP, with some far-right members openly dissenting.

Constitutional Deadline

  • The election of the House Speaker was urgent due to the need to have a functioning Congress by January 6, 2025, for the certification of Trump’s 2024 election victory.

Historical Context

  • The re-election of Mike Johnson came in the wake of the ousting of former Speaker Kevin McCarthy, marking yet another chapter in the tumultuous leadership struggles within the GOP.
Summary/Static Details
Why in the news? Mike Johnson Re-Elected as US House Speaker
Re-Election Outcome Mike Johnson re-elected as Speaker of the House on first ballot.
Support Backed by President-elect Donald Trump; opposition from hard-right Republicans.
Key Opposition Members of the Freedom Caucus, including Rep. Chip Roy and Rep. Thomas Massie.
Democratic Counter Hakeem Jeffries nominated by Democrats as a track record of bipartisan compromise.
House Majority Johnson’s majority slimmed after 2024 elections; relies on near-unified GOP support.
Constitutional Deadline Urgency to elect Speaker before January 6, 2025, for certification of electoral votes.
Historical Context Re-election occurred after McCarthy’s ousting in 2023; GOP faced internal divisions.
Trump’s Influence Trump’s support considered pivotal for Johnson’s re-election success.
Future Challenges Johnson faces pressure from hard-right members and the need to deliver Trump’s policy agenda.

SBI Introduces ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ Deposit Schemes

The State Bank of India (SBI) has launched two innovative deposit schemes: ‘Har Ghar Lakhpati’ and ‘SBI Patrons,’ aiming to enhance financial inclusion and cater to diverse customer needs.

Har Ghar Lakhpati: Pre-Calculated Recurring Deposit Scheme

Har Ghar Lakhpati’ is a pre-calculated recurring deposit designed to help customers accumulate ₹1 lakh or multiples thereof. This scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. It is also available to minors, encouraging early financial planning and savings habits.

SBI Patrons: Specialized Fixed Deposit for Senior Citizens

SBI has introduced ‘SBI Patrons,’ a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above. This product offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. SBI Patrons is available to both existing and new term deposit customers.

Interest Rates and Terms

Har Ghar Lakhpati: The minimum tenure for recurring deposits is 12 months (one year), and the maximum is 120 months (10 years). The interest rates for this scheme are aligned with those offered on fixed deposits.

SBI Patrons: Depositors under this scheme would earn an additional 10 basis points higher interest rate than what is offered to senior citizens. The current fixed deposit rates for senior citizens are:

  • Above 1 year tenure: 6.80%
  • Above 2 years: 7%
  • Above 3 years to less than 5 years: 6.75%
  • For 5-10 years: 6.5%

Strategic Objectives

These initiatives reflect SBI’s commitment to innovation and customer-centric solutions. By introducing these schemes, SBI aims to:

  • Enhance financial inclusion by offering products that cater to specific customer segments.
  • Strengthen its market leadership in deposits.
  • Provide goal-oriented deposit products that align with customers’ aspirations.

SBI Chairman CS Setty emphasized the bank’s dedication to leveraging innovation and technology to deliver solutions that empower every customer, contributing to India’s growth journey towards becoming a developed nation by 2047.

Summary of the news

Why in News Key Points
SBI launched two new deposit schemes: Har Ghar Lakhpati and SBI Patrons Har Ghar Lakhpati: Pre-calculated recurring deposit to accumulate ₹1 lakh or more.
SBI Patrons: Fixed deposit scheme for senior citizens aged 80 and above.
Har Ghar Lakhpati available for minors.
SBI Patrons offers 10 bps higher interest rate for senior citizens.
– Tenure for Har Ghar Lakhpati ranges from 12 months to 120 months.
Scheme Names Har Ghar Lakhpati, SBI Patrons
Target Group Har Ghar Lakhpati: General customers, including minors.
SBI Patrons: Senior citizens aged 80 years and above.
Interest Rates Har Ghar Lakhpati: Interest aligned with fixed deposit rates.
SBI Patrons: Additional 0.1% interest over senior citizens’ FD rates.
Tenure for Har Ghar Lakhpati 12 months to 120 months (1 year to 10 years).
SBI Patrons Fixed Deposit Rates for Senior Citizens – 6.80% for 1 year+
– 7.00% for 2 years+
– 6.75% for 3 years to less than 5 years
– 6.50% for 5-10 years
Launch Date The schemes were announced on January 2025.

Top-10 Countries in the World that You Many not Have Heard of

The world is filled with amazing countries, but some are lesser-known and often overlooked by travelers. These hidden gems offer stunning landscapes, rich cultures and unique experiences. Whether you are looking for remote islands, peaceful villages or untouched nature, these hidden countries provide a chance to explore something truly different. Here are top-10 countries you may not have heard of, but should definitely add to your travel list.

List of Hidden Countries in the World

There are many hidden countries around the world that are not well-known but offer incredible beauty and culture. These lesser-known destinations provide unique experiences, from remote islands to peaceful landscapes, waiting to be explored.

Rank Country Region
1. Nauru South Pacific
2. Tuvalu South Pacific
3. Kiribati South Pacific
4. Palau South Pacific
5. Futuna Polynesia
6. Mayotte Indian Ocean
7. Andorra Europe
8. Monaco Europe
9. Liechtenstein Europe
10. Albania Europe

Nauru

Nauru, the third-smallest country in the world, is an island in the Pacific Ocean. It covers just 21 square kilometers and has a population of around 10,800 people. Historically, it was settled by Micronesians and later colonized by Germany, then Australia, New Zealand and the UK. Nauru’s economy relied heavily on phosphate mining, which is now mostly exhausted. The country faces challenges due to environmental damage and dependence on Australia for aid and support.

Tuvalu

Tuvalu is a small island country in the Pacific Ocean, made up of nine islands. It has a population of around 10,600 people, making it one of the least populous nations. Tuvalu was settled by Polynesians over 3,000 years ago and became a British colony in the 19th century. It gained independence in 1978. The economy mainly relies on fishing, international aid and remittances, while Tuvalu faces serious threats from rising sea levels due to climate change.

Kiribati

Kiribati is a small island country in the Pacific Ocean, made up of 32 atolls and one island. It has a population of over 119,000, with most living on Tarawa atoll. Kiribati became independent in 1979 and relies on fisheries and copra for its economy. It is one of the least developed countries and faces serious threats from climate change and rising sea levels. Kiribati is active in global climate discussions as a member of the Alliance of Small Island States.

Palau

Palau is a small island country in the Pacific Ocean, made up of around 340 islands. It has a population of about 18,000, with the most populous island being Koror. Palau gained independence in 1994 and has a close relationship with the United States, which provides defense and aid. The economy relies on tourism, fishing and agriculture. Palau’s culture blends Micronesian, Melanesian, Asian and Western influences, with Palauan and English as official languages.

Futuna

Futuna is a remote island in Polynesia, part of Wallis and Futuna, a French overseas territory. Its isolation and rugged terrain make it difficult to access, keeping it largely unknown to most people. The island maintains traditional Polynesian culture and relies on subsistence agriculture and remittances for its economy. With limited tourism and infrastructure, Futuna remains an undiscovered gem, offering a unique look into authentic Polynesian life.

Mayotte

Mayotte is a French overseas department located in the Indian Ocean between Madagascar and Mozambique. It consists of two main islands and several islets. The population of around 320,000 is predominately Muslim, and the official language is French. While it is France’s poorest department, it has developed infrastructure and a welfare system. Mayotte faces challenges like poverty, overcrowding and illegal immigration, mainly from neighboring Comoros.

Andorra

Andorra is a small, landlocked country in the eastern Pyrenees, bordered by France and Spain. It was established in 1278 and is governed by two co-princess: the Bishop of Urgell and the President of France. The capital, Andorra la Vella, is the highest capital in Europe. With a population of around 79,000, Andorra is known for its tourism, attracting about 8 million visitors yearly. The official language is Catalan.

Monaco

Monaco is a tiny, wealthy city-state on the French Riviera, bordered by France and close to Italy. With a population of about 38,000, it is the second-smallest country in the world. Monaco is famous for its luxurious lifestyle, casinos and mild climate. It has no personal income tax (except for France citizens), attracting millionaires. Monaco is also known for its Grand Prix, banking sector and marine research efforts. Its defense is the responsibility of France.

Liechtenstein

Liechtenstein is a small, wealthy country in the Alps, bordered by Switzerland and Austria. It has a population of about 40,000 and is known for its strong financial sector and high standard of living. The country is a constitutional monarch with a prince holding significance powers. Liechtenstein uses the Swiss franc and participates in the Schengen Area and European Economic Area. It is famous for winter sports and has no national debt.

Albania

Albania is a country in Southeast Europe, located on the Adriatic and Ionian Seas. It shares borders with Montenegro, Kosovo, North Macedonia and Greece. The capital is Tirana, and the country has diverse landscapes, from mountains to plains. Albania has a rich history, including ancient Greek and Roman influences. After gaining independence in 1912, it went through various political changes, becoming a republic. It has a growing economy, with a focus on services, manufacturing and tourism.

EPFO’s Centralized Pension System

The Employees’ Provident Fund Organisation (EPFO) has successfully implemented its Centralized Pension Payments System (CPPS) across all regional offices in India, marking a significant advancement in pension disbursement. This initiative benefits over 68 lakh pensioners, enabling them to access their pensions from any bank branch nationwide.

Key Features of the Centralized Pension Payments System (CPPS):

Nationwide Accessibility: Pensioners can now withdraw their pensions from any bank branch across India, eliminating the need for transfers between branches.

Streamlined Disbursement Process: The CPPS aims to modernize and simplify pension services, ensuring seamless and efficient pension disbursements.

Financial Impact: In December 2024, approximately ₹1,570 crore was disbursed to over 68 lakh pensioners across all 122 pension-disbursing regional offices of the EPFO.

Historical Context:

Prior to the CPPS, pension disbursement was decentralized, with each regional office maintaining separate agreements with banks. This often led to complexities and delays for pensioners, especially those relocating or changing bank branches. The introduction of CPPS addresses these challenges by providing a unified and efficient system for pension disbursement.

Future Implications:

The successful rollout of CPPS signifies a major step towards enhancing the ease of living for millions of pensioners in India. By ensuring timely and hassle-free access to pension funds, the EPFO continues to strengthen its commitment to social security and financial inclusion.

Summary of the news

Why in News Key Points
EPFO has launched a Centralized Pension Payments System (CPPS) across all regional offices. – EPFO’s CPPS benefits 68 lakh pensioners.
– Pensioners can withdraw pensions from any bank branch nationwide.
– EPFO aims to streamline pension disbursements.
Pensioners – 68 lakh pensioners will benefit.
System Launch – CPPS implemented across all 122 regional offices of EPFO.
Implementation – Facilitates pension disbursement from any bank branch.
Financial Disbursement – ₹1,570 crore disbursed in December 2024 to pensioners.

India Revises GDP Base Year to 2022-23

In a significant move to enhance the accuracy of economic assessments, the Government of India has announced plans to update the base year for calculating Gross Domestic Product (GDP) from 2011-12 to 2022-23. This revision, the first in over a decade, aims to better reflect the current economic landscape and structural changes.

Key Developments

Formation of Advisory Committee: A 26-member Advisory Committee on National Accounts Statistics (ACNAS), chaired by Biswanath Goldar, has been established. The committee comprises representatives from the Reserve Bank of India (RBI), central and state governments, academia, and researchers. Its primary task is to identify new data sources and refine the methodology for compiling National Accounts Statistics under the revised series.

Implementation Timeline: The revised GDP series, based on the 2022-23 base year, is expected to be implemented by early 2026. This timeline allows for comprehensive data collection and analysis to ensure the accuracy of the new series.

Rationale for Revision: Regular updates to the GDP base year are essential to accurately reflect structural changes in the economy, such as shifts in consumption patterns, sectoral contributions, and the inclusion of emerging sectors. Aligning with the economic realities of 2022-23 will provide a more precise framework for policymaking and analysis.

Additional Initiatives: In conjunction with the base year revision, the Ministry of Statistics and Programme Implementation (MoSPI) plans to introduce monthly estimates of the Periodic Labour Force Survey (PLFS) starting January 2025. This initiative aims to enhance data-driven decision-making and improve the quality of labor market statistics.

Summary of the news

Why in News Key Points
India is revising GDP base year from 2011-12 to 2022-23 – Updated base year for GDP calculation to reflect current economic changes.
Advisory Committee formed for the revision process – 26-member Advisory Committee chaired by Biswanath Goldar to guide the revision.
Expected timeline for implementation – The revised GDP series will be implemented by early 2026.
Ministry of Statistics & Programme Implementation’s initiatives – MoSPI to introduce monthly estimates of PLFS from January 2025.
Focus of the revision – Aimed at improving accuracy, reflecting new economic sectors, and structural changes.