Committee to Revise Base Year | 02 Jul 2024
Recently, a committee to oversee the revision of the base year for national accounts has been set up by the Ministry of Statistics and Programme Implementation (MoSPI).
- This 26-member committee will be chaired by Biswantah Goldar and will recommend a new base year for national accounts, potentially aligning it with indices like the Wholesale Price Index, Producer Price Index, and Consumer Price Index.
- At present base year is 2011-12 but it is proposed for revision to 2020-21.
- This initiative aims to enhance the accuracy of economic analysis and policy formulation by reviewing existing databases and incorporating new data sources.
- In India, the base year of the GDP series was revised from 2004-05 to 2011-12 in 2015 after adaptation of the sources and methods in line with the United Nations System of National Accounts (SNA) of 2008.
- The SNA is the internationally agreed standard set of recommendations on how to compile measures of economic activity.
Read more: Base Year for GDP Calculations