Articles | Open Access | Vol. 4 No. 06 (2024): Volume 04 Issue 06

TRANSFORMING GROWTH: UNVEILING THE NEW GDP SERIES AND INDIA'S ASCENDANT SERVICE SECTOR

Rajnesh Duggal , Professor, Department of Economics, Khalisani Mahavidyalaya, Chandannagar, Hooghly, India

Abstract

This paper examines the impact of the new GDP series on understanding the growth trajectory of India's economy, particularly focusing on the dominance and evolution of the service sector. The introduction of the new GDP series in 2015 led to significant revisions in economic data, revealing a larger contribution of the service sector to GDP growth. Through an analysis of statistical trends and sectoral contributions, this study explores how the service sector has emerged as a pivotal driver of India's economic transformation. Key findings highlight the sector's role in employment generation, technological advancements, and its implications for future economic policies.

Keywords

GDP series, service sector, economic growth

References

Central Statistics Office. (2015). GDP Series Revision: Technical Note. Ministry of Statistics and Programme Implementation. Government of India.

Das, M. (2016). India's Growth and the Importance of the Service Sector. The Diplomat. https://thediplomat.com/2016/02/indias-growth-and-the-importance-of-the-service-sector/Ghosh, J. (2016). India's revised GDP series: A closer look. Brookings India.

Ministry of Statistics and Programme Implementation. (2015). Press Note on Revision of Base Year of All-India Index of Industrial Production (IIP) from 2004-05 to 2011-12 and Release of IIP for the Month of May, 2015. Government of India.

Nagaraj, R. (2017). The New GDP Series: Virtues and Vices. Economic and Political Weekly, 52(12), 37-46.

Sen, K., & Himanshu. (2015). The Great Indian GDP Debate. Economic and Political Weekly, 50(24), 60-69.

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Rajnesh Duggal. (2024). TRANSFORMING GROWTH: UNVEILING THE NEW GDP SERIES AND INDIA’S ASCENDANT SERVICE SECTOR. Frontline Marketing, Management and Economics Journal, 4(06), 10–15. Retrieved from https://frontlinejournals.org/journals/index.php/fmmej/article/view/561