Government To Change Base Year For GDP And Inflation From Next Fiscal

A report by The Hindu Business Line suggests that the government will be changing the base year for calculating Gross Domestic Product (GDP) and Consumer Price Index (CPI). The government will come out with the data calculated using the new base year from the next fiscal year, stated the report.

“There is a need to change the base year for GDP to 2017-18 and for CPI to 2018. Steps have been initiated,” Union Minister for Statistic and Programme Implementation D V Sadananda Gowda is reported to have told the reporters on Tuesday (3 July).

GDP is the net aggregate value of all the goods and services produced in an economy of a country in a period of time.

Presently, the base year for calculating real GDP growth is 2011-12, while it is 2012 for CPI. Base year is generally revised once in five years to accommodate the changes which have taken place in the economy.

The government also intends to bring out an employment survey by the end of this calendar year, the report mentioned.