NEW DELHI: A panel with representatives from the Reserve Bank of India (RBI), central and state governments, and academia has been shaped to replace the base year for calculating Gross Domestic Product (GDP) to 2022-23 from 2011-12, the federal government knowledgeable Parliament on Monday.
Minister of state for statistics & programme implementation, Rao Inderjit Singh, mentioned in a written reply to the Rajya Sabha that the federal government has determined to revise the base year for GDP compilation to 2022-23.
He famous that the advisory committee on nationwide accounts statistics (ACNAS), which incorporates members from the central and state governments, the RBI, academia, and researchers, has been arrange to determine new information sources and supply recommendation on the methodology for compiling National Accounts Statistics underneath the revised sequence.
Steps taken to enhance the statistical system embody the formation of ACNAS, standardizing information constructions for constant high quality reporting throughout the National Statistical System, and utilizing administrative information, Rao defined.
The 26-member ACNAS, chaired by Biswanath Goldar, is anticipated to full the revision by early 2026.
Earlier, in 2017 too the federal government had mentioned that it would revise the base year of nationwide accounts to 2017-18 from 2011-12.
The present GDP sequence based mostly on the 2011-12 base year was launched in January 2015.
The nationwide accounts’ base year serves as a reference level for evaluating financial information throughout totally different years. It helps perceive shifts in buying energy and permits the computation of progress figures adjusted for inflation.
Reasons for revision:
- The base year for nationwide accounts is periodically up to date to mirror structural modifications within the financial system and supply an correct illustration of financial exercise via macroeconomic information.
- The GDP base year modification aligns with worldwide practices to guarantee exact financial information assortment.
- Ideally, the base year ought to be revised each 5 years to account for modifications within the financial system.
India’s financial progress slumped to a seven-quarter low of 5.4 per cent within the July to September interval.
The Central Statistical Organisation (CSO) ready the primary official nationwide revenue estimates utilizing the base year 1948-49. These estimates, together with fixed (1948-49) and present costs, together with Public Authority accounts, had been printed in 1956 in a report titled Estimates of National Income.
