Base year for GDP, IIP to be changed to 2017-18
The government will change the base year to 2017-18 for the calculation of gross domestic production (GDP) and Index of Industrial Production (IIP) numbers.
For retail inflation, the year will be revised to 2018, Union minister D V Sadananda Gowda said on Thursday.
“During 2018-19, the ministry is proposing to initiate steps to revise the base years of GDP, IIP and Consumer Price Index (CPI) to accommodate and factor in the changes that take place in the economic scenario of the country,” the statistics and programme implementation minister said at a conference on Budget provisions.
Gowda said the ministry will undertake various steps in the next financial year that will improve the statistical system and help meet the data requirements in the emerging socio- economic scenario.
The Business Standard, New Delhi, 16th February, 2018