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New GDP base year tentatively pegged at 2017-18

LiveMint logoLiveMint 30-06-2017 PTI

Kolkata: The base year of new gross domestic product (GDP) series has been fixed at 2017-18 while work on conducting new surveys had started already to arrive at a conclusion, secretary 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 in Kolkata on Friday.

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 on Saturday, 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.

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