What changed with India's GDP rebaseline?
Google Gemini provides this answer about what changed when India rebaselined its GDP: The downward revision in India's absolute nominal GDP—which fell by roughly ₹7.7 trillion (~3%) for the 2022–23 base year, with specific quarterly current-price estimates adjusted downward by 6% to 7%—was driven primarily by replacing corporate proxy extrapolations with direct empirical surveys of the informal sector. The decline does not represent actual economic shrinkage, but rather a correction of statistical overestimations inherent in the 2011–12 series. Primary Components That Contracted Non-Financial Private Corporate Sector: Accounted for the largest absolute drop, shrinking by nearly ₹6.7 trillion in GVA. The old series assigned entire corporate line-items based on primary company registration codes. The 2022–23 series segregated multi-activity enterprises across their actual distinct operational activities (manufacturing, logistics, retail), stripping out double-counted co...
