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New base year for India's GDP to be decided in some months

06
Nov '19
Pic: Shutterstock
Pic: Shutterstock
India’s ministry of statistics and programme implementation (MOSPI) will decide on a new base year for the gross domestic product (GDP) series in a few months, secretary for the ministry Pravin Srivastava told a recent conference. The ministry is working to bring in a new series of national accounts that would result in change in the existing base year of 2011-12.

The conference was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Though the ministry is considering 2017-18 as the new base year, no decision has been taken as the committees of experts are awaiting some more data before finalising their opinion, according to a news agency report.

The Annual Survey of Industries and the Consumer Expenditure Survey are being awaited.The decision has to be taken considering global and national scenario as well, the secretary said.

He also said that earlier when a new series with 2011-12 base year was being worked out, the ministry thought of revising it to 2009-10. But then economists decided that 2009-10 was not a good year globally and from domestic angle as well, and finalised 2011-12 as the base year for the new series of GDP.

Fibre2Fashion News Desk (DS)


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