<h1>India Updates National Accounts Base Year to 2011-12: New Data, Methodologies Impact GDP and Economic Indicators.</h1> The Ministry of Statistics and Programme Implementation has updated the national accounts base year to 2011-12 from 2004-05, incorporating new data and methodologies. This revision affects GDP and related economic indicators but does not significantly alter economic ratios. GDP at market prices replaces GDP at factor cost, with industry-wise estimates now presented as Gross Value Added (GVA). The GDP for 2013-14 was Rs. 113.5 lakh crore, with a 6.9% real growth rate. Household savings declined, while non-financial corporations' share in gross saving increased. Gross Capital Formation (GCF) saw a decrease in its rate relative to GDP.