Base Year and Revision — Mains Questions

Examine the significance of base year revision in national income accounting. Discuss the challenges India faces in conducting periodic base year revisions and suggest measures to improve the process.

Analyze the impact of India's shift from 2004-05 to 2011-12 base year on GDP calculations and economic policy formulation. What lessons can be drawn for future base year revisions?

Critically evaluate the role of base year revision in addressing the challenges of measuring India's informal economy. Suggest innovative approaches for better coverage in future revisions.