New GDP base year tentatively pegged at 2017-18

By: |
Kolkata | Published: June 30, 2017 10:13:12 PM

The base year of new GDP series has been fixed at 2017-18 while work on conducting new surveys had started already to arrive at a conclusion, secreatry of the ministry of statistics and programme implementation and chief statistician of India T C A Anant said.

New GDP base year, 2017-18, T C A Anant, Bharat Chamber of Commerce, post-demonetisationThe new tentative base year has been pegged at 2017-18,” Anant said at an interaction organised by Bharat Chamber of Commerce here today.(Photo: PTI)

The base year of new GDP series has been fixed at 2017-18 while work on conducting new surveys had started already to arrive at a conclusion, secreatry of the ministry of statistics and programme implementation and chief statistician of India T C A Anant said. “The current base year is 2011-12. It is necessary to review the base year every five years or so. The new tentative base year has been pegged at 2017-18,” Anant said at an interaction organised by Bharat Chamber of Commerce here today. He said that the ministry has started new surveys relating to employment, household consumption and the informal sector. “Once compilation of data is complete after the surveys, the actual new base year will then be arrived upon,” he said. Anant said with GST coming into effect from tomorrow, another huge set of data would be generated and give a richer data base.

Commenting upon the slowdown post-demonetisation, Anant said that since the WPI entered into a positive zone, the deflator became high and statistically the growth showed lower. “It is misleading to say that growth had declined due to demonetisation”, he said. Regarding agricultural growth, he said it was likely to be lower as the last year had the base effect since the previous year before that sustained drought condictions. GVA (Gross Value Added) and GDP at constant prices both were expected to be higher as there would be efficiency gains.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1GST bill format and GST invoice guide: Get details of bill formats and invoices
2GST rollout, launch in India: No price change in 78% of actively used drugs post new tax regime, says NPPA
3GST rollout, launch in India: Commodities to become cheaper, inflation under control, says Tamil Nadu Finance Minister D Jayakumar on new tax regime