The government will change the base year for calculation of GDP and retail inflation to 2017-18, but the new series will come into effect only by 2020-21, Minister of State for Statistics and Programme Implementation Vijay Goyal said in the Rajya Sabha on Thursday.
He said that most of the data to be used in the exercise may be available by 2019-20.
He was replying to a question on whether the government has decided to change the base year for calculation of GDP and retail inflation to 2017-18.
Base revisions are carried out as per international best practices to take into account structural changes in the economy. As a part of the base revision exercise, methodological improvements and new data sources are considered as per relevant international standards.
At present, the base year for GDP calculation is 2011-12.
(Published 26 July 2018, 14:59 IST)
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