Context: There are many problems associated with the Industrial era Gross domestic product (GDP)calculation
Issues with the current method of GDP calculation:
Does not measure human well-being :
It takes a positive count of the cars we produce but does not account for the emissions they generate
It adds the value of the sugar-laced beverages but fails to subtract the health problems they cause.
It includes the value of building new cities but does not discount for the forests they replace.
It focuses more on the production and consumption of mobile phones but does not appreciate the ill-effects of increased mobile usage in the form of acute anxieties.
Complications in the calculation:
Difficulties in accounting imported goods: due to unknown import prices of goods which are smuggled to evade all import duties
High inflation: impact these imports leading to declining in the future GDP.
Current GDP measure ignores data economy: The data economy is left to the mercy of foreign venture capitalists.
While GDP measure in India focuses more on the availability of finance, land, and other incentives to traditional sectors like Mining, import-and-assembly and the stock market.
Conclusion: The Real economic growth from now onwards will come from the establishment of thriving data markets and ecosystems.