Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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The government on Wednesday released the GDP growth estimates for previous years based on the new method of calculation and base year it had adopted in 2015. The new data and the manner in which it was released led to criticism from various quarters, including Opposition political parties and economists alike.In 2015, the government adopted a new method for the calculation of the gross domestic product of the country, and also adopted the Gross Value Added measure to better estimate economic activity. Further, the change involved a bringing forward of the base year used for calculations to 2011-12 from the previous 2004-05. However, this had led to the problem of not being able to compare recent data with the years preceding 2011-12. The back series data released on Wednesday provided the earlier years’ data using the new calculations.
