The Ministry of Statistics has issued uniform guidelines for calculating Gross State Domestic Product (GSDP) with 2022–23 as the new base year. The move aims to create a standardised framework for measuring and comparing economic performance across States and Union Territories.
The revised base year incorporates updated data sources, improved estimation methods and evolving international standards to reflect the present structure of the economy more accurately. States are required to adopt the new framework to ensure greater consistency, accuracy and comparability in regional economic assessment.
APSC Relevance: Indian economy, statistical systems and economic planning.
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