New Delhi, Dec 2 (Mayank Nigam) The Government will revise the base year from 2011-12 to 2022-23 for computation of Gross Domes Product (GDP), a move that would provide more accurate representation of the economic structure and activities. This is for the first time in the last decade. Last revision in the base year was done in 2011-12. The Government has decided to update the base year for compilation of Gross Domestic Product (GDP) from 2011-12 to 2022-23. An Advisory Committee on National Accounts Statistics (ACNAS) comprising of representatives from Central and State Government, Reserve Bank India, Academia and Researchers has been constituted for identification of new data sources and to advise on the methodology for compilation of National Accounts Statistics in the revised series, Ministry of Statistics & Programme Implementation said in a written reply to a question in the Parliament.
Steps, such as constitution of ACNAS, standardization of data structure to promote harmonized quality reporting across National Statistical System and use of administrative data are the steps taken by the Government to improve the statistical system. This information was given by the Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation, Rao Inderjit Singh in a written reply in the Rajya Sabha today. In a written reply to another question, the Minister said that National Statistics Office (NSO) under MoSPI is committed to ensuring accurate and reliable data from the target population while minimizing non-sampling errors. To achieve this, robust and well-defined mechanisms are employed in different statistical products which undergo periodic improvements based on evolving needs, feedback, and advancements in methodologies to enhance their effectiveness.
For the purpose of reviewing and validating official statistics, MoSPI has constituted Committees/Working Groups (WG) which consist of expert members from various spheres such as Central Ministries/Departments, State/UTs, academia, research, economics, finance, etc. Further, these Committees/WGs may also enlist the assistance of subject matter experts within and/ or outside the Government and may co-opt them as members in order to meet specific requirements. Regular dialogues with data users/stakeholders are also conducted in order to incorporate their feedback and enhance their understanding about the data being published by MoSPI, the minister added.