India's GDP series gets a major upgrade with 2022-23 base year revision. The ministry of statistics implemented significant methodological improvements, including new datasets from the Periodic Labour Force Survey and Annual Survey of Unincorporated Sector Enterprises. The revised series adopts double deflation methods for agriculture and manufacturing, promising better accuracy in economic measurements. However, important questions remain unanswered about the economy's true performance. Nominal GDP in 2022-23 saw a downward revision of approximately three percent compared to the old series. The shift captures improved data from India's large informal sector, yet sectoral shifts in agriculture and manufacturing shares demand closer scrutiny. These changes reflect efforts to modernize economic indicators that relied on outdated 2011-12 base year data for over a decade.
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