- The International Monetary Fund (IMF) has endorsed India's updated Gross Domestic Product (GDP) methodology, describing the revision as a 'welcome development'. - The updated methodology enhances data accuracy, better captures structural changes in the growing Indian economy, and aligns with international statistical standards. - Such revisions by national statistical authorities (like MoSPI) are crucial for providing reliable macroeconomic indicators to policy makers and global financial institutions. - **International Monetary Fund (IMF):** An international organization of 190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, and promote high employment and sustainable economic growth. - **Ministry of Statistics and Programme Implementation (MoSPI):** The nodal ministry in the Government of India responsible for data collection, compilation, and dissemination of macroeconomic statistics, including national income, industrial production, and inflation. **Introduction** The International Monetary Fund (IMF) has praised India's updated GDP calculation methodology, calling it a welcome development that improves the accuracy and reliability of economic data in alignment with global best practices. **Core Issue and Detailed Points** - The International Monetary Fund (IMF) has endorsed India's updated Gross Domestic Product (GDP) methodology, describing the revision as a 'welcome development'. - The updated methodology enhances data accuracy, better captures structural changes in the growing Indian economy, and aligns with international statistical standards. - Such revisions by national statistical authorities (like MoSPI) are crucial for providing reliable macroeconomic indicators to policy makers and global financial institutions. **Key Statutory Bodies, Acts & Concepts** - **International Monetary Fund (IMF):** An international organization of 190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, and promote high employment and sustainable economic growth. - **Ministry of Statistics and Programme Implementation (MoSPI):** The nodal ministry in the Government of India responsible for data collection, compilation, and dissemination of macroeconomic statistics, including national income, industrial production, and inflation.