We want to know about economic welfare but gdp does not tell about living standard .....what is the best way to get the real picture of economy????
As far as I know, there is no one size fit all indicator that can comprehensively and satisfactorially tell you about the living standard of any one country.
Personally, I would use the Big Mac index to measure cost of living, but that's a side note.
Some of these indicators are kind of creative, however not one gives a universally satisfactorily better indication of living standards. At the moment, GDP remains the gold standard (either by choice or by other factors).