2011-12 to be new base year for GDP data

Posted By: Religare
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The Indian government is set to release a new series of national accounts with 2011-12 as base year in January next year for the computation of economic growth rate, said the media report.

"The new series will better reflect the economy as it would include more sectors. However, it would be difficult to say whether there would be any significant change in growth rates for the previous years," National Statistical Commission (NSC) chairman Pronab Sen told media.

The NSC has suggested that the base year for computing national accounts should be revised every five years, added the media report.

According to the reports, the GDP based on new series will be released for three consecutive years from 2011-12.

Further, the government will also be revising the base year for consumer price index (CPI), wholesale price index (WPI) and index of industrial production (IIP).

The new series of IIP and WPI are likely to be released by March 2016, added the report.

Read more about: gdp
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