OECD to go beyond GDP in development measure

The Organisation for Economic Co-operation and Development (OECD) has decided to develop a new module to measure the well-being and development of nations based on socio-economic parameters and not just the GDP.

The Organisation for Economic Co-operation and Development (OECD) has decided to develop a new module to measure the well-being and development of nations based on socio-economic parameters and not just the GDP. These would include quality of life, work-life balance, personal security, social connections and health conditions, apart from material indicators.

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The OECD, jointly with ministry of statistics and programme implementation (MOSPI), will hold a three-day seminar in Delhi on the issue next month.

"We need to chalk out a better measure of human development based on indicators which are beyond GDP," said TCA Anant, chief statistician of India.

A consensus is needed to chalk out a uniform methodology based on all the human, social and economic parameters to measure well-being and development of countries, he said.