समाचार में क्यों
- The updated series of annual and quarterly GDP estimates with 2022-23 as the base year was released.
मुख्य शब्द
Double Deflation
Method where output and intermediate consumption are deflated separately to obtain real GVA.
Implicit GVA Deflator
Measure derived by comparing nominal GVA with real GVA.
What is National Accounts Base Year Revision?
- The base year provides reference prices used to calculate real economic growth and reflect structural changes.
- Periodical revision ensures relative prices remain representative of current economic conditions.
Key Methodological Changes
- Before: Single deflation or standard methods for measuring manufacturing sector value addition.
- After: Adoption of double deflation for manufacturing industries where output and intermediate consumption are deflated separately to derive constant price GVA.
Why it matters
- The IMF describes double deflation as the preferred method for calculating GDP in volume terms.
- Incorporates new Output Producer Price Index and Banking Services Price Index based on 2022-23.
प्रीलिम्स तथ्य
- Base year for the updated GDP series is set at 2022-23.
मेंस चर्चा
- Methodological refinements in national income accounting enhance data accuracy.
स्रोत: PIB
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