Informist, Saturday, Sep 28, 2024

NEW DELHI – The government has formed a technical advisory committee to revise the base year of the Index of Industrial Production from the current 2011-12 (Apr-Mar), the statistics ministry said in an office memorandum. The 21-member committee will be chaired by Mridul K. Saggar, the former Reserve Bank of India executive director and a former member of the Monetary Policy Committee. Other members include State Bank of India's Group Chief Economic Adviser Soumya Kanti Ghosh, Aditya Birla Group's Chief Economist Ila Patnaik, and Goods and Services Tax Network Chief Executive Officer Manish Kumar Sinha. Centre for Social and Economic Progress President Laveesh Bhandari, and Madras Institute of Development Sutides Director Suresh Babu M. are also part of the panel.

The committee is tasked with aligning the base year for IIP with national accounts, according to the memorandum. The statistics ministry is currently also working on revising the base year of national accounts, and plans to launch the new GDP series in February 2026 with 2023-24 as the base year. The government had constituted a 26-member committee in June to decide on the base year revision of GDP.

The committee will also deliberate on the adoption of chain-linked IIP in place of fixed-based IIP, the ministry said. It will also review the linking factor of the 2011-12 series and the new series. The base year of IIP was last changed in 2017, when it was shifted to 2011-12 from 2004-05. End

Reported by Shubham Rana

Edited by Tanima Banerjee

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