New GDPMethodology

NITI Aayog and the Central Statistics Office (CSO) released the ‘back-series’ of India’s gross domestic product (GDP) data from 2005-06, using a new methodology. The government has come out with a linked back-series of India’s growth numbers from 1950-51 to 2003-04, with 2011-12 as the base year, to align GDP numbers from past years with the new internationally accepted methodology and facilitate comparisons.

Basic Facts

  • GDP represents the total value of all the final goods and services that are produced within a country’s borders within a particular time period, typically a year or a quarter.
  • Nominal GDP ....
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Indian Economy