New Delhl: The government on Tuesday declared its intent to change the base year for calculation of GDP and retail inflation to 2017-18 and 2018 respectively, likely to come to effect by fiscal 2019-20.
The previous base year revision for gross domestic product (GDP), the index of industrial production (IIP) and the consumer price index (CPI), or retail inflation was revised to 2011-12 and 2012, respectively, Statistics and Programme Implementation Minister Sadananda Gowda told reporters here while briefing about the ministry's achievments in the last four years.
"The revisions facilitated more accurate assessment of the progress of the economy and the society. Steps are being initiated for the next round of revision also, for GDP we would like to revise the base year to 2017-18 and base year for consumer retail inflation to 2018," he said.
"These principles are aimed at promoting good practices and professional ethics in production and dissemination of official statistics," he added.