The Indian government's National Statistical Organisation (NSO), part of the Ministry of Statistics and Programme Implementation, has released India’s gross domestic product (GDP) numbers in a new series, with 2022-23 as the base year.
India measures its GDP in two modes—nominal (production of goods and services at prices prevailing during the year, or current prices) and real (production of goods and services during the year, at base year prices). The nominal and real GDP is the same for the base year.
There is one more measure of GDP, which is extremely important in the current globally integrated world—GDP in the global currency, currently the US dollar.
What is the new reality of India's GDP in all these three measures—real, nominal, and in US dollars? Is there good news or bad, or is it mixed?
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