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Why has the Indian government decided to change the base year for calculating GDP?
  • a)
    To increase the GDP figures significantly
  • b)
    To reflect more accurately the current economic conditions
  • c)
    To simplify the data collection process
  • d)
    To align with international standards without any changes in the economy
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Why has the Indian government decided to change the base year for calc...
The Indian government has updated the base year for calculating GDP to 2022-23 to provide a more accurate reflection of the current economic landscape. This change takes into account the shifts in economic activities, consumption patterns, and the emergence of new sectors and digital transformations over the last decade. An updated base year ensures that the GDP data is relevant and useful for effective policy-making, thus making it essential for adapting to the evolving economic environment.
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Why has the Indian government decided to change the base year for calculating GDP?a) To increase the GDP figures significantlyb) To reflect more accurately the current economic conditionsc) To simplify the data collection processd) To align with international standards without any changes in the economyCorrect answer is option 'B'. Can you explain this answer?
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