Whalesbook
Updating for Today's Economy
The national statistical office is shifting to a 2022-23 base year for its own economic accounts. This adjustment is key to better reflecting the economy's current structure and aligns with international standards. The update uses newer data and improved methods to capture a more up-to-date economic picture.
New Rules for All States
States and Union Territories must now use this new base year when calculating their Gross State Domestic Product (GSDP). This directive applies to all 34 regions currently compiling GSDP data, including Lakshadweep and Dadra & Nagar Haveli and Daman & Diu. The goal is a single, consistent way to measure regional economies across the country.
Why State GDP Data Matters
State Gross Domestic Product (GSDP) figures are vital for important government financial decisions. They are used by the Ministry of Finance, the Finance Commission, the Comptroller and Auditor General (CAG), and others. This data guides how funds are shared among states, how policies are made, how budgets are set, and how performance is judged. Accurate and comparable state economic data is therefore essential.