Centre to bring in new base year for GDP calculation in few months: Official | Latest News India - Hindustan Times
close_game
close_game

Centre to bring in new base year for GDP calculation in few months: Official

New Delhi | ByPress Trust of India
Nov 05, 2019 10:20 PM IST

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.

The Ministry of Statistics and Programme Implementation will decide on a new base year for the GDP series in a few months, a senior official said on Tuesday.

In January last year, the Statistics Ministry had said that it is set to change the base year of national accounts to 2017-18 from 2011-12 after completion of the household consumer expenditure survey and labour force data by the end of 2018. (HT photo)
In January last year, the Statistics Ministry had said that it is set to change the base year of national accounts to 2017-18 from 2011-12 after completion of the household consumer expenditure survey and labour force data by the end of 2018. (HT photo)

The ministry is working to bring in a new series of national accounts which would result in change in the existing base year of 2011-12.

Hindustan Times - your fastest source for breaking news! Read now.

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.

“The decision to change the base year (of GDP) would be taken in next few months. We are waiting for Annual Survey of Industries and the Consumer Expenditure Survey. All the preparatory work is getting ready for that.

“Once the result is out, we will place it before the respective committees (to decide about the base year),” MOSPI Secretary Pravin Srivastava told reporters at a FICCI conference adding that the decision has to be taken considering global and national scenario as well.

He also said that earlier when new series with 2011-12 base year was being worked out, the ministry thought of revising it to 2009-10.

But then the economists decided that 2009-10 was not a good year globally and domestically and finalised 2011-12 as the base year for new series of GDP.

On whether the economy will see recovery he said, it is too early to comment on it because lot of inputs for tabulation depend upon the IIP (index of industrial production), CPI and WPI data, which would come in the first fortnight of November.

The economic growth slowed to over six-year low of 5 per cent in April-June this fiscal. The government has been taking steps to boost investment and perk up the sagging economy.

Regarding experts’ views that industrial production for September will see a decline after core sector output contracted 5.2 per cent during the month, Srivastava said, “We do not speculate data. We wait for data to come because the data will tell us.” When asked about the need for new GDP base year, he said the change in base year actually captures the change in structures of the economy.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On