Govt issues uniform norm for measuring states' GDP with revised base yr of 22-23

PTI New Delhi

The Ministry of Statistics and Programme Implementation on Thursday issued a uniform guideline for measuring Gross State Domestic Product with 2022-23 as the base year to ensure a standardised framework and comparability of performance across all states.

The base year for the calculation of national accounts has already been changed to 2022-23 to capture the current structure of the economy more accurately by incorporating modern data sources and improved estimation practices with evolving international standards. In line with this change, states and Union Territories (UTs) are required to adopt the new base year for compilation of Gross State Domestic Product (GSDP) to ensure greater accuracy, consistency and comparability in assessing regional economic performance, the ministry said in a statement.

The guideline will provide a standardised framework aimed at ensuring reliability of state-level estimates. GSDP is extensively used by the Ministry of Finance, Finance Commission, Comptroller and Auditor General and other stakeholders for fiscal devolution, policy formulation, resource allocation, budgeting and inter-state comparisons. At present, 34 states and UTs are compiling GSDP estimates with base year 2011-12, except Lakshadweep and Dadra & Nagar Haveli and DNH&DD.