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Informist, Monday, Aug 12, 2024

 

NEW DELHI – The statistics ministry is likely to take a final call on the new base year for GDP, Consumer Price Index, and the Index of Industrial Production within the next six to seven months, a senior ministry official said.

 

The government has already formed a 26-member Advisory Committee on National Accounts Statistics, which will decide on the base year revision of GDP, and also on the alignment of GDP with other indices such as the CPI, Wholesale Price Index, Producer Price Index, and IIP.

 

The government has also reconstituted the Technical Advisory Committee on Statistics of Prices and Cost of Living to advise on the construction of consumer, wholesale, retail, and producers' price indices.

 

The government intends to keep a similar base year for GDP, CPI and IIP, the official said. 

 

Informist had previously reported that the government aims to bring out a new series for GDP, IIP, and WPI with 2022-23 (Apr-Mar) as the base year within the next two years.

 

GDP, IIP, and WPI all currently have 2011-12 as the base year. The base year of CPI is 2012.

 

GDP, CPI, and IIP are compiled by the National Statistical Office, while the WPI is compiled by the Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade.  End

 

Reported by Shubham Rana

Edited by Saji George Titus

 

 

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