The GDP base year is set to shift from 2011-12 to 2022-23, aiming to improve accuracy and align with current economic realities
GDP data faces challenges: deflator over-reliance, inconsistent private-sector data, and misclassified or untraceable companies affecting reliability
GST data aids economic accuracy, but measuring the informal sector's size and evolving impact poses significant challenges
India's informal economy is vast; innovative GDP estimation is needed. GST adoption shifts the informal-formal balance, complicating measurement
A robust back series and producer-price index are key to credible GDP updates, addressing past gaps and enhancing transparency in future assessments
Better GDP data aids policymaking, boosts investment, ensures credibility, and aligns with India’s rising global economic role