Explain the difference between computing methodology of India's Gross Domestic Product (GDP) before the year 2015 and after the year 2015.
India's GDP computation underwent a major overhaul in 2015, shifting the methodology to align with global standards.
The most significant change was the move from GDP at factor cost to GDP at market prices. The new series uses Gross Value Added (GVA) at basic prices as the primary measure, which reflects the value added in production. GDP at market prices is then derived by adding product taxes and subtracting product subsidies from the GVA.
Secondly, the base year was updated from 2004-05 to 2011-12 to better reflect the contemporary economic structure.
Finally, the data source was expanded. Instead of relying primarily on the Annual Survey of Industries (ASI), the new methodology incorporates a much wider dataset from the Ministry of Corporate Affairs' MCA-21 portal, capturing the formal corporate sector more comprehensively and improving data coverage.
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Important Questions from GS3
Examine the pattern and trend of public expenditure on social services in the post-reforms period in India. To what extent this has been in consonance with achieving the objective of inclusive growth?
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