NEW DELHI: The Centre has determined to replace the bottom 12 months for calculating India’s gross home product or GDP, the widest measure of nationwide revenue, minister of state (impartial cost) statistics and programme implementation Rao Inderjit Singh advised Lok Sabha in a written reply on Monday.
The Union authorities can be planning to conduct the Periodic Labour Pressure Survey, which provides official employment and unemployment information, extra steadily than it at the moment does (Shutterstock)
The bottom 12 months is being up to date from 2011-12 to 2022-23 and an advisory committee on nationwide accounts statistics (ACNAS) with representatives from the Centre and states, Reserve Financial institution India, and educational consultants has been constituted, the minister stated in his reply.
Since financial indicators and costs preserve altering, economists repair a base 12 months to trace adjustments in development, during which all values are held fixed. The bottom 12 months is a reference 12 months in opposition to which all different values are in contrast and is a crucial a part of the methodology for estimating financial development.
India’s GDP development slowed sharply to a seven-quarter low throughout July-September of 2024-25, information launched by the ministry of statistics and programme implementation (MoSPI) final month confirmed.
The economic system expanded 5.4% within the second quarter from a 12 months in the past, hobbled by tepid consumption demand and a weakening within the mining sector, the info confirmed. GDP grew 6.8% within the monetary 12 months’s first quarter.
In the direction of overhauling the nationwide accounts methods, steps, comparable to “constitution of ACNAS, standardisation of data structure to promote harmonised quality reporting across National Statistical System and use of administrative data are steps being taken by the government to improve the statistical system”, Singh stated.
A 22-member panel arrange by the ministry is at the moment engaged on arriving at a brand new base 12 months for numerous value indices, together with the Wholesale Value Index, which tracks producer costs, in addition to figuring out up to date weights assigned to commodities lined by them.
The Union authorities can be planning to conduct the Periodic Labour Pressure Survey (PLFS), which provides official employment and unemployment information, extra steadily than it at the moment does, MoSPI secretary Saurabh Garg, stated in August.
“Reform initiatives of the ministry for availability of quality data to meet the dynamically changing data requirements are ongoing. There is a need to revitalise statistical coordination between the Centre and states. There are plans to increase the frequency of surveys like PLFS,” Garg advised the twenty eighth Convention of Central and State Statistical Organisations.