REVISION
FOR BASE YEAR GDP,CPI & IIP : ECONOMY
NEWS
:
Centre proposes 2022-23 as new base year for GDP computation
WHAT’S
IN THE NEWS ?
The Centre is
proposing 2022-23 as the new base year for GDP
calculations, with the first data expected to be published by February
2026. This revision comes under the Ministry of Statistics and
Programme Implementation (MoSPI), and a similar base year revision is proposed
for both the Consumer Price Index (CPI), which measures
retail inflation, and the Index of Industrial Production (IIP),
which tracks factory output growth.
Proposed
Base Year Revision for GDP, CPI, and IIP:
- New Base Year: 2022-23 (for GDP, CPI, and
IIP).
- First GDP Data Release: Expected in February 2026.
- Previous Base Year for GDP: Changed in 2015 from
2011-12.
Criteria
for Base Year Selection:
- A "normal" year
without major disruptions.
- 2022-23 chosen as the best
possible normal year despite global challenges.
Advisory
Committee on National Account Statistics (ACNAS):
- Proposed by MoSPI, with 26
members.
- Chaired by Prof Biswanath
Goldar.
- Includes representatives
from academia, RBI, ministries, and state governments.
New Data
Sources for GDP Calculation:
- Household Consumption
Expenditure Survey 2023-24.
- Annual Survey of
Unincorporated Sector Enterprises 2022-23.
- GST Data.
Technology
Integration for Data Collection:
- e-Sigma Portal: Cloud-based system for
survey data processing.
- e-Sankhyiki Portal: Improves public access to
data.
Upcoming
Surveys:
- New surveys on domestic
tourism, national household travel, and health expenses as part of the
next National Sample Survey.
Employment-Unemployment
Data:
- Flash
employment-unemployment data to be released in February 2025.
- Provides unemployment
figures for rural and urban areas.