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

EconomyPolityCORE
Target:UPSC GS-IIIMPSCSSC GATeachingBankingPrelims HighMains MediumStatic GK Link
23 Sept 2026
~2 min
Source: Indian Express
Key Data:Base year 2022-23Household gold savings Rs 1.65 lakh croreHousehold gold savings old Rs 64,504 croreAverage useful life dwellings 60-75 yearsMGT-7MGT-7A
Bodies:MoSPIMinistry of Corporate AffairsSEBIRBIMinistry of New and Renewable Energy
Practice MCQs from today's news ▸
What This Article Covers

1.New GDP series base year updated from 2011-12 to 2022-23 with five major methodological changes beyond those widely reported.

2.Enterprise classification now splits GVA by activity using MGT-7/MGT-7A forms filed with Ministry of Corporate Affairs, replacing the old 'major activity' approach.

3.Household savings in gold and silver more than doubled to Rs 1.65 lakh crore in 2022-23 due to updated survey data and SEBI-sourced financial savings.

The Big Picture
Prelims · HighMains · Medium

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.

Exam Lens

Quick Exam Facts From News

New Base Year2022-23 (replaced 2011-12)
Household Gold Savings (2022-23)Rs 1.65 lakh crore (new series)
Household Gold Savings (old series)Rs 64,504 crore
Average Useful Life of Dwellings (new)60-75 years (down from 70-80)
Data Source for Financial SavingsSEBI (replaces RBI)
Forms for Enterprise Activity SplitMGT-7 (public/private companies) & MGT-7A (one-person/small companies)

1-Minute Revision

  • ›New Base Year: 2022-23 (replaced 2011-12)
  • ›Household Gold Savings (2022-23): Rs 1.65 lakh crore (new series)
  • ›Target this Data: New GDP base year 2022-23; household gold savings Rs 1.65 lakh crore (new series) vs Rs 64,504 crore (old series).
  • ›Target this Nodal Body: Ministry of Statistics and Programme Implementation (MoSPI) and Ministry of Corporate Affairs (for MGT-7).
  • ›Target this Legal Point: MGT-7 and MGT-7A forms under the Companies Act; All India Debt and Investment Survey by MoSPI.

Mastered this topic? Test your knowledge with a full MCQ quiz.

Practice exam-style questions, track your score, and strengthen your recall.

Q1Static LinkageEasy

Which ministry is responsible for releasing the 'Sources and Methods' document for the new GDP series?

Q2Statement-basedHard

Consider the following statements regarding changes in the new GDP series:

1. The new series uses MGT-7 and MGT-7A forms to allocate GVA of multi-activity enterprises across sectors based on the share of turnover contributed by each activity.

2. Household savings in financial assets like shares and mutual funds are now sourced from the Reserve Bank of India instead of SEBI.

3. The nominal value of household savings in gold and silver ornaments for 2022-23 more than doubled to Rs 1.65 lakh crore in the new series compared to the old series.

Which of the statements given above is/are correct?

Q3Data-centricMedium

According to the new GDP series, what was the nominal value of household savings in gold and silver ornaments in 2022-23?

Q4Application/ImpactMedium

What is the primary purpose of using MGT-7 and MGT-7A forms in the new GDP series?

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