PMO-Led Reforms Revitalise Statistical System: New GDP, CPI, WPI Series with Updated Base Years

New GDP Series 2022-23: 5 Key Changes Including MGT-7 Classification, Gold Savings Doubling, and Rooftop Solar

India's new GDP series (base year 2022-23) introduces five lesser-known but impactful changes. Key reforms include splitting enterprise GVA by activity using MGT-7 forms, valuing government housing, lowering asset useful lives, shifting household savings data source to SEBI (doubling gold savings estimates), and including rooftop solar electricity. These changes improve GDP accuracy but require careful understanding for exam questions on methodology.

MoSPI Considers Diary-Based HCES for High-Income Households to Tackle 9.8% Urban Non-Response Rate

To counter rising non-response from affluent households in gated societies, MoSPI is piloting a 'diary-based' self-reporting method for the next Household Consumption Expenditure Survey (HCES) in 2027-28. This shift is critical because the HCES data directly impacts CPI basket weights, inflation targeting by RBI, and policy making, but raises concerns about data comparability due to differential recall errors between survey methods.

MoSPI Defends 7.8% GDP Growth Amid Criticism, Cites Base Year Change to 2022-23

MoSPI issued a six-point rebuttal defending the 7.8% GDP growth for Q1 FY26, clarifying that data revisions stem from the base year change (2011-12 to 2022-23) and updated indices (PPI, IIP). The ministry refuted claims of manipulation, emphasizing that comparing old and new series is invalid.

NITI Aayog Proposes Licensing Reforms in Law, Healthcare, Engineering; Services 55% of GDP

NITI Aayog has proposed wide-ranging regulatory reforms for professional services — law, accounting, architecture, engineering, and healthcare — covering licensing, business structures, interstate mobility, and mutual recognition with other countries. The report notes services form 55% of GDP and India is the seventh-largest services exporter with 4.3% global share. For aspirants, this is a high-yield governance/economy topic for Prelims data and Mains on services-led growth.

India's MoSPI Launches Experimental Monetary Asset Accounts of Marine Fish Resources for Blue Economy

India's MoSPI has initiated a groundbreaking experiment to assign monetary value to marine fish stocks under the UN SEEA framework. This natural-capital accounting aims to integrate blue economy into national accounts, providing data for sustainable fisheries management and climate-risk assessment. For UPSC aspirants, this links to Environment, Economy, and Government policies on blue economy.

MoSPI Defends New GDP Series as Q1 Growth Hits 7.8%, Base Year Revised to 2022-23

MoSPI Secretary Saurabh Garg defends the new GDP series (base year 2022-23) amid criticism over downward revision of past GDP data. Q1 2026-27 growth at 7.8% surprised economists. Garg says the new series uses better data sources like GST, PLFS, ASUSE, and digital data (e-Vahan, PFMS), making it the best so far. The debate is 'unnecessary' as methods were already public months ago.

Private Players Seek Green Energy Status for Nuclear Power; 100 GWe, $228 Bn Target by 2047

Private players are pushing for nuclear power to be classified as 'green energy' to unlock green bonds, green loans, and blended finance. NITI Aayog is reviewing existing green finance frameworks (MoF, RBI, SEBI) to include nuclear energy. India targets 100 GWe nuclear capacity by 2047, requiring $228 billion investment.

Make in India 12-Year Review: PLI Schemes Show Concentration, Manufacturing Growth Patchy

Make in India completes 12 years with mixed results: manufacturing growth has been inconsistent, PLI schemes attracted ₹2.4 lakh crore but concentrated in top 5 sectors, employment impact limited to 8.5 lakh direct jobs. Key data for exams: non-petroleum exports grew 53% to $388.3B, capacity utilisation remains below 80%.