Govt To Change Base Year For GDP And Retail Inflation Calculation

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    The government is all set to change base year for GDP and retail inflation calculation to 2017-18 and 2018 respectively and the same is said to come into force from 2019-20.

    As per the Minister of Statistics and Programme Implementation Sadananda Gowda statement, the last base year in respect of GDP, CPI inflation and IIP was revised to 2011-12 and 2012 in case of inflation.

    Govt To Change Base Year For GDP And Retail Inflation Calculation

    The agency report further quoted him saying, "The revisions facilitated more accurate assessment of the progress of the economy and the society. Steps are being initiated for the next round of revision also, for GDP we would like to revise the base year to 2017-18 and base year for consumer retail inflation to 2018".

    Additionally he said, "These principles are aimed at promoting good practices and professional ethics in production and dissemination of official statistics". At the same time, he ruled out that calculation of such important economic metrics has not been manipulated to suit the government's needs and instead has followed the principles of the United Nations in 2016 for calculating official statistics.

    Goodreturns.in

    Read more about: iip gdp retail inflation cpi base year
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