To plug any loopholes in the determination of important economic indicators including IIP and GDP, the proposal has been made to shift the base year to 2017-18. While in case of CPI, the base year shall be 2018.
Also as per a leading business daily, there is news to come up with 4 new surveys.
In the context, the Statistics and Programme Implementation Minister said at a conference that "During 2018-19, the Ministry is proposing to initiate steps to revise the base years of Gross Domestic Product (GDP), Index of Industrial Production (IIP) and Consumer Price Index (CPI) to accommodate and factor the changes that take place in the economic scenario of the country".
The minister Gowda said as required necessary changes shall be implemented from the next fiscal year beginning April to streamline the statistical system of the country for meeting the requirements per se data.
In the Union Budget the Ministry of Statistics and Programme Implementation (MOSPI) has been assigned a total allocation to the tunes of Rs 4,859 crore.
With Inputs From PTI