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Centre decides to shift GDP base 12 months to 2022-23 from 2011-12, kinds panel: Why it issues
NEW DELHI: A panel with representatives from the Reserve Financial institution of India (RBI), central and state governments, and academia has been shaped to replace the bottom 12 months for calculating Gross Home 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 bottom 12 months 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 set as much as determine new information sources and supply recommendation on the methodology for compiling Nationwide Accounts Statistics underneath the revised collection.
Steps taken to enhance the statistical system embody the formation of ACNAS, standardizing information buildings for constant high quality reporting throughout the Nationwide Statistical System, and utilizing administrative information, Rao defined.
The 26-member ACNAS, chaired by Biswanath Goldar, is predicted to finish the revision by early 2026.
Earlier, in 2017 too the federal government had mentioned that it might revise the bottom 12 months of nationwide accounts to 2017-18 from 2011-12.
The present GDP collection based mostly on the 2011-12 base 12 months was launched in January 2015.
The nationwide accounts’ base 12 months serves as a reference level for evaluating financial information throughout completely different years. It helps perceive shifts in buying energy and allows the computation of progress figures adjusted for inflation.
Causes for revision:
- The bottom 12 months for nationwide accounts is periodically up to date to mirror structural adjustments within the financial system and supply an correct illustration of financial exercise by macroeconomic information.
- The GDP base 12 months modification aligns with worldwide practices to make sure exact financial information assortment.
- Ideally, the bottom 12 months must be revised each 5 years to account for adjustments 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 earnings estimates utilizing the bottom 12 months 1948-49. These estimates, together with fixed (1948-49) and present costs, together with Public Authority accounts, have been revealed in 1956 in a report titled Estimates of Nationwide Earnings.
