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New Delhi: The government said Tuesday its intention to change the base year for calculating GDP and retail inflation for 2017-18 and 2018 respectively, likely to arrive in fiscal year 2019
The previous year's baseline revision for Gross Domestic Product (GDP), Industrial Productivity Index (IPI) and l & rdquo; Consumer price index (CPI), or retail inflation was revised in 2011-12 and in 2012, respectively the Minister of Statistics and Implementation program, Sadananda Gowda, told the press the progress made by the ministry over the last four years
. Regarding the GDP, we would like to revise the reference year until 2017-2018 and the reference year for retail consumption inflation until 2018 ", he said, aim to promote" good practices and professional ethics in the production and dissemination of official statistics, "he added.
He made a similar announcement in February of this year as well. This time, Mr. Gowda said that his department intends to undertake several initiatives during the 2018-19 fiscal year "to further improve the statistical system to meet the data requirements in the emerging socio-economic scenario of the country. "
He said that the ministry "proposed to take steps to revise the base years of GDP, IPI and CPI". The new base year for GDP and IIP will be 2017-2018 and for the CPI it will be 2018. Currently, 2011-12 is used as the base year for calculating GDP.
(Except for the title, this story was not published by NDTV staff and is published from a syndicated feed.)
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