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Importance of GDP UPSC NOTE

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  Why in news The ongoing GDP series with the base year 2011-12 is due for revision .  2020-21 is the proposed new base year.  All require...

 Why in news

  • The ongoing GDP series with the base year 2011-12 is due for revision

  • 2020-21 is the proposed new base year. 

  • All required major datasets are said to be available except for Census data

  • The NSO is considering using the goods and services tax (GST) data to estimate value addition

    • replacing the currently used Ministry of Corporate Affairs’ MCA-21 database for the Private Corporate Sector (PCS), which accounts for about 38% of GDP

Importance of GDP

  • GDP quantifies a country's economic size and is crucial for comparing economic performance across nations.

  • Evaluated at constant prices to account for inflation, providing a more accurate picture of economic growth.

  • The GDP base year is updated every 5-10 years to reflect changes in the economy's structure.

  • The National Statistical Office (NSO) is tasked with “ revising” the GDP series, usually drawing upon expertise from many fields

Why the Change?

  • The current GDP base year (2011-12) is set to change to 2020-21, with plans to use GST data for improved accuracy.

  • The shift from the MCA-21 database to GST data aims to better capture corporate output, addressing previous data inadequacies.

  • Previous methods relied on the Annual Survey of Industries (ASI) and RBI samples, which may not have fully represented the growing corporate sector.

Systematic Overestimation

  • Recent estimates showed a stark difference in industrial growth rates between the new GDP series and older data, raising skepticism.

  • Comparisons of Gross Value Added (GVA) and Gross Fixed Capital Formation (GFCF) revealed significant overestimations in the new series based on the MCA-21 data.

  • Concerns about the reliability of new GDP estimates call for thorough validation of any new data sources, like GST, before use in official calculations.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Importance of GDP UPSC NOTE
Importance of GDP UPSC NOTE
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