INSUBCONTINENT EXCLUSIVE:
New Delhi: The government on Tuesday declared its intent to change the base year for calculation of GDP and retail inflation to 2017-18 and
2018 respectively, likely to come to effect by fiscal 2019-20.The previous base year revision for gross domestic product (GDP), the index of
industrial production (IIP) and the consumer price index (CPI), or retail inflation was revised to 2011-12 and 2012, respectively,
Statistics and Programme Implementation Minister Sadananda Gowda told reporters here while briefing about the ministry's achievements in the
last four years."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," he said."These principles are aimed at promoting good practices and professional ethics in production
and dissemination of official statistics," he added.He made a similar announcement in February this year also
That time, Mr Gowda said that his ministry intends to undertake several initiatives during financial year 2018-19 "to further improve
"proposing to initiate steps to revise the base years of GDP, IIP and CPI"
