The Economic Advisory Council to the Prime Minister releases a detailed note titled ‘GDP estimation in India- Perspectives and Facts’.
The new methodology that uses 2011-12 as the base year includes two major improvements:
- Incorporation of MCA21 database.
- Incorporation of the Recommendations of System of National Accounts (SNA), 2008.This change was in line with other countries that have changed their methodologies in line with System of National Accounts (SNA) 2008 and revised their respective GDP figures.
Source: The Press Information Bureau
Static/Current Takeaways Important For LIC AAO Mains 2019:
- Chief Economic Advisor of India: Krishnamurthy Subramanian