IMF backs MoSPI after India shifts GDP base year from 2011-12 to 2022-23
GS3Economy · S&T · Environment · Security· Growth, inflation & macro indicators· Prelims + Mains·
Why in news
The IMF backed MoSPI's decision to shift India's GDP base year from 2011-12 to 2022-23, following a period of 7.8% growth in the April-June quarter of FY27.
Background
The Ministry of Statistics and Programme Implementation (MoSPI) shifted the GDP base year to 2022-23. The IMF stated the new methodology aligns with international best practices.
Facts for Prelims
- BodyMoSPI: Ministry of Statistics and Programme Implementation
- FactIndia's GDP growth in April-June quarter of FY27: 7.8 per cent
- FactRBI projected GDP growth: 7 per cent
- BodyIMF: International Monetary Fund
For Mains
Q. Discuss the significance of aligning national GDP calculation methodologies with international best practices for economic transparency and global investment.
Dimensions to cover in your answer
- Data integrity: Ensuring consistency in methodology to prevent distortion of growth figures
- Global comparability: Aligning with international standards to facilitate accurate FDI and sovereign rating assessments
Keywords: GDP Base Year · Methodological Alignment · Economic Indicators · Data Transparency · International Best Practices
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