The Union Ministry of Statistics and Programme Implementation (MOSPI) on June 30, 2018 formed a 13 member committee to upgrade the norms for computation of economic data at states and districts level in the backdrop of plans to revise the base year for National Accounts or GDP calculation.
The Committee for Sub-National Accounts will be headed by Ravindra H Dholakia, a retired professor of IIM Ahmedabad.
The Ministry has decided to change the base year to 2017-18 for the calculation of GDP and IIP numbers from the current 2011-12 with an aim to capture changes in the economy.
Terms of Reference of the Committee
• The panel will review the concepts, definitions, classifications, data conventions, data sources and data requirements for preparation of State Domestic Product (SDP) and District Domestic Product (DDP) to lay down revised guidelines.
• It will suggest measures for improving SDP and DDP in the country, taking into consideration availability of data and requirements of the Centre and States or Union Territories.
• It will suggest state-level annual or benchmark surveys keeping in view the needs of the System of National Accounts especially in view of the next base year revision.
• It will submit its report within one year and may also submit interim reports, as necessary.
CSO: Organisation responsible for revising the base year of macroeconomic indicators
The Central Statistics Office (CSO), under Ministry of Statistics and Programme Implementation, revises the base year of the macroeconomic indicators as a regular exercise to capture structural changes in the economy and improve the quality and representativeness of the indices.
The CSO had last updated base year for GDP calculation to 2011-12 in January 2015, replacing the old series base year of 2004-05.
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