What exactly is a 'back series' of GDP and why it is important for economy?

The GDP always has a base year, which defines the composition of the economy in that year. As the composition changes, the base year needs to be revised regularly

The back series of India’s GDP for the base year 2011-12 was released on Wednesday. Notwithstanding the political controversy that followed, there is a lot of scientific inquiry that goes into the formulation of a new data series. Abhishek Waghmare explains how that is done.

What exactly is a “back series” of gross domestic product? Why is the back series needed, and why it is important?

The gross domestic product (GDP) is one of the few broad indicators that describe a country’s economy. In simple terms, it is a number that represents the measure of economic activity — or the value added