- The change in base year is a standard statistical practice to reflect structural changes in the economy. - The new series also incorporated changes in methodology, such as estimating Gross Value Added (GVA) at basic prices and using the MCA21 database for corporate sector data. - This revision significantly impacted the estimated GDP growth rates.
Under the new GDP series, the base year has been shifted from 2004-2005 to
Asked in UPPSC Upper Mains 2015 · Topic: National Income & Gross Domestic Product (Gross Domestic Product (GDP): Concepts and Measures)
More Economic Development questions
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