Authorities altering base 12 months for GDP, Rao Inderjit Singh tells Parliament
NEW DELHI: The Centre has determined to replace the bottom 12 months for calculating India’s gross home product or GDP, the widest measure of nationwide revenue, minister of state (unbiased cost) statistics and programme implementation Rao Inderjit Singh informed Lok Sabha in a written reply on Monday.
The bottom 12 months is being up to date from 2011-12 to 2022-23 and an advisory committee on nationwide accounts statistics (ACNAS) with representatives from the Centre and states, Reserve Financial institution India, and educational specialists has been constituted, the minister stated in his reply.
Since financial indicators and costs maintain altering, economists repair a base 12 months to trace adjustments in progress, wherein all values are held fixed. The bottom 12 months is a reference 12 months in opposition to which all different values are in contrast and is a vital a part of the methodology for estimating financial progress.
India’s GDP progress slowed sharply to a seven-quarter low throughout July-September of 2024-25, knowledge launched by the ministry of statistics and programme implementation (MoSPI) final month confirmed.
The financial system expanded 5.4% within the second quarter from a 12 months in the past, hobbled by tepid consumption demand and a weakening within the mining sector, the information confirmed. GDP grew 6.8% within the monetary 12 months’s first quarter.
In direction of overhauling the nationwide accounts techniques, steps, reminiscent of “structure of ACNAS, standardisation of knowledge construction to advertise harmonised high quality reporting throughout Nationwide Statistical System and use of administrative knowledge are steps being taken by the federal government to enhance the statistical system”, Singh stated.
A 22-member panel arrange by the ministry is presently engaged on arriving at a brand new base 12 months for numerous value indices, together with the Wholesale Worth Index, which tracks producer costs, in addition to figuring out up to date weights assigned to commodities lined by them.
The Union authorities can also be planning to conduct the Periodic Labour Power Survey (PLFS), which supplies official employment and unemployment knowledge, extra regularly than it presently does, MoSPI secretary Saurabh Garg, stated in August.
“Reform initiatives of the ministry for availability of high quality knowledge to satisfy the dynamically altering knowledge necessities are ongoing. There’s a must revitalise statistical coordination between the Centre and states. There are plans to extend the frequency of surveys like PLFS,” Garg informed the twenty eighth Convention of Central and State Statistical Organisations.
