26th September 2023 (9 Topics)
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A TO Z of GDP
Context:
India is on the path to becoming the third-largest economy around 2027 as estimated by many. The GDP estimates based on an outdated base would not adequately capture new activities being undertaken in the economy.
India's Economic Growth and GDP Measurement
- A five Trillion economy: India aims to become a 5 trillion dollar economy by 2025, though COVID-19 has created hurdles.
- Future predictions: Projected to be the third-largest economy by 2027.
- Goals defined: Achieving this goal requires accurate GDP measurement and collaboration among stakeholders.
Urgent Need for Base Year Revision
- Base issue: Current GDP calculation uses an outdated base year (2011-12).
- Lack of accurate representation: Delays in base year revision hinder accurate representation of new economic activities.
- Factors to be considered: Recent government investments and foreign capital inflow require proper inclusion in GDP estimates.
Improving GDP Compilation and Validation
- Need of revised base: Revision of the base year is complex, requiring assessment of data sources and new data sets.
- Steps forward: Initiatives like Supply Use Tables (SUTs) should be validated before GDP release to reduce discrepancies.
- An Agency must be responsible: Suggests forming advisory committees and working groups for the base year revision process.
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