The Indian Government will change the base year for calculating gross domestic product (GDP) and retail inflation to 2017-18 and 2018 respectively, which is expected to be effective by 2019-20. The last base year for GDP, index of industrial production (IIP) and consumer price index (CPI) was revised to 2011-12 and 2012 (for inflation), a news agency reported.
Allaying fears that the government has changed the GDP and CPI calculation methodologies to suit its needs, minister of statistics and programme implementation Sadananda Gowda recently said that the revisions facilitated more accurate assessment of the progress of the economy and the society. (DS)
Fibre2Fashion News Desk – India