Revised base year has India’s GDP 120-200 billion USD below predictions using the 2011-12 base year.
The revision aims to address several issues raised by the International Monetary Fund (IMF), which had given the 2011-12 series a ‘C’ rating.
The GDP revision has come after a lag of 10 years, as opposed to internationally-recommended four to five years, since the junking of 2017-18 Household Consumer Expenditure Survey (HCES) in 2019 delayed the entire process.
As per the October edition of IMF data, India was expected to end FY26 crossing the $4-trillion-mark at $4.13 trillion. Now, at the average exchange rate of 87.944 per dollar, India can only reach around $3.93 trillion.
Posted by Own-Rich4190
3 Comments
https://archive.ph/DURIP
Non paywalled link.
Growth rates higher though.
7.6% growth this year instead of 7.4% under the old series
Its good this happened. I always said the covid impact was huge on india and it took till 2023 to recover not 2022. No wonder modi nearly lost in 2024, the covid impact was not calculated at all by his govt lol.
Thats y projections from 2023 to 2026 are above 7.2+% without any breaks coz it recovered well.
Urban consumption is slacking while rural is on upward mode. This is good coz most of the Indian population is in rural areas and if potential rate cuts come in it can do good for the economy as well.
That is why govt needs to revamp gdp calculation regularly instead of doing one every 10+ years. Idk y opposition opposed it lol.
Every growth marker post 2023 has been positive with manufacturing side increasing alot than I expected and is on course to pick up even more.
With the ftas coming in live in 2027, if exports are targeted good, gdp can reach 9+% like I dreamed of. A 4 to 5 years of around 9% gdp is all I ask.
RBI had enough data now, they need to rate cuts. This gdp calculation is more in line with international standards so it gives more clarity as well.
This gdp calculation basically set Indian growth path a 7 month behind their original schedule.