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Overhaul GDP norms: MPs
Why in the news ?
- The Estimates Committee of Parliament pointed out the current manner in which the GDP is measured needs an overhaul as it provides an incomplete estimation of economic activity.
More in the news
- The committee noted that the GDP calculation does not measure the depletion of natural resources.
- It also noted that the current measure of GDP did not incorporate the economic contributions of women in running households and maintaining accounts.
- The current system does not have any measure of whether an increase in GDP resulted in an increase in happiness.
- NITI Aayog also had acknowledged that efforts must be made to ensure that GDP growth is combined with sustainability.
- However, NITI Aayog had so far not suggested any ways to achieve this.
Source
The Hindu.