According to the draft report by the Estimates Committee of Parliament, the current manner of measuring the GDP needs an overhaul as it provides an incomplete estimation of economic activity.
About:
The current GDP and Gross Value Added measures have also been questioned by Opposition leaders and economists alike.
Reasons cited by the committee for overhaul of measurement of India’s GDP:
It does not measure the depletion of Natural resources.
It ignores the economic contribution of women in running households.
It does not factor the change in the output quality due to technological advances.
It does not factor the impact of artificial intelligence in employment.
It does not measure whether GDP adds to happiness of the citizens.
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