Expert Explains | Better informal sector data behind lower nominal GDP estimates, says MoSPI Secy
The primary reason behind the reduction in nominal GDP estimates from the old 2011-12 series to the new 2023-23 series is the improved data on the informal sector, according to Saurabh Garg, Secretary in the Ministry of Statistics and Programme Implementation (MoSPI). Garg stated that MoSPI has made the best use of data and surveys, and no one has pointed out any obvious oversight for the next GDP series.
The transition from proxy-based estimates to direct, empirical annual surveys for the informal sector has allowed for a better capture of the sector's growth patterns, leading to more accurate GDP estimates.
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