Panel comprising RBI to replace GDP base yr to 2022-23

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A panel comprising representatives of the Reserve Financial institution, centre and state governments in addition to academia has been constituted to revise the bottom yr of nationwide accounts or GDP from 2011-12 to 2022-23, Parliament was knowledgeable on Monday (November 2, 2024).

The federal government has determined to replace the bottom yr for the compilation of Gross Home Product (GDP) from 2011-12 to 2022-23, stated the Minister of State for Statistics & Programme Implementation Rao Indjerjit Singh in a written reply to Rajya Sabha.

Mr. Rao knowledgeable the Home that an Advisory Committee on Nationwide Accounts Statistics (ACNAS) comprising representatives from the Central and State Governments, Reserve Financial institution India, Academia and Researchers has been constituted for the identification of recent information sources and to advise on the methodology for compilation of Nationwide Accounts Statistics within the revised sequence.

Steps such because the structure of ACNAS, standardization of information construction to advertise harmonised high quality reporting throughout the Nationwide Statistical System and use of administrative information are the steps taken by the federal government to enhance the statistical system, he acknowledged.

The 26-member ACNAS, which was constituted underneath the Chairmanship of Biswanath Goldar, is anticipated to finish the train by early 2026.

The Gross Home Product (GDP) information based mostly on the 2011-12 sequence was launched in January 2015.

The bottom yr of the nationwide accounts is modified periodically to consider the structural adjustments which occur within the financial system and to depict a real image of the financial system by macro aggregates.

The primary official estimates of nationwide earnings had been ready by the Central Statistical Organisation (CSO) with base yr 1948-49 for the estimates at fixed costs.

These estimates at fixed (1948-49) costs together with the corresponding estimates at present costs and the accounts of the Public Authorities had been printed within the publication, ‘Estimates of Nationwide Revenue’ in 1956.