MoSPI Shifts GSDP and GSVA Base Year to 2022-23
Why in the news
The Ministry of Statistics and Programme Implementation changed the reference year used to compute state-level output, so that state economic numbers reflect today’s economy.
Key facts
- Ministry: MoSPI.
- New base year: 2022-23.
- Indicators affected: GSDP and GSVA.
- Method: better data sources and refreshed estimation techniques.
- Who must follow: all States and Union Territories.
Why it matters
- Captures the current structure of the economy.
- Makes performance figures comparable across States.
- Standardises how economic performance is measured.
Exam angle
- Base year now: 2022-23; body: MoSPI.
- Terms: GSDP, GSVA, base year revision.
- Purpose: comparability and standardisation across States and UTs.