#RBIMonetaryPolicy #GDP #Maharashtra

SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD FEB 05
MCX SILVER MAR 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD FEB 05
MCX SILVER MAR 05
MCX CRUDEOIL DEC 18
MCX NATURALGAS DEC 26
USD/INR
EUR/INR
GBP/INR
JPY/INR

Sensex down over 200 points, Nifty below 11,960; SBI, Tata Motors, HDFC drag

Global shares firm on hope of US-China trade deal

Oil prices surge on US stockpiles drop, hope of OPEC output cuts

Rupee on slippery slope for a year at least

Economy

Experts panel against FY18 as GDP base year; proposes FY21

Updated : November 28, 2019 07:33 PM IST

CSI explained the government may consider starting the surveys from July 2020 onwards

The earliest year when this can be applied is likely to be 2021-22

The shift to a new base year for calculating India’s national accounts is likely to be delayed as a committee of experts has recommended 2020-21 as the new base year, instead of the earlier recommendation of adopting 2017-18 as the base year.

MoSPI or the Ministry of Statistics and Programme Implementation informed the parliament on Thursday, “The issue of the base year revision was discussed by ACNAS again in its recent meeting held on 30 October 2019 and it was recommended to the Ministry to consider 2020-21 as the next base year of National Accounts in view of the structural reforms in the economy.”

MoSPI further told the parliament, “The exercise of base year revision of National Accounts is guided by the Advisory Committee on National Accounts Statistics (ACNAS) comprising experts from the Central and State Government, Academia, the Reserve Bank of India (RBI) and other domain-specific experts. While selecting a new base year, several activities, including new surveys, are to be planned and carried out to have the latest data for use in the revised base year. The ACNAS had earlier recommended revising the base year of National Accounts from 2011-12 to 2017-18 in view of the likely availability of requisite data”

India’s Chief Statistician Pravin Srivastava told CNBC-TV18 “We are examining the feasibility of conducting appropriate surveys to facilitate GDP base year revision to 2020-21 or onwards “

Elaborating on the issue, CSI explained the government may consider starting the surveys from July 2020 onwards. Neither 2018-19 nor 2019-20 can be considered for the new base year as no surveys like Consumer Expenditure or the Services sector etc have been done for these years. Also, since ‘17-‘18, particularly FY20 has turned out to be a laggard in terms of GDP growth and fiscal indicators.

If the government accepts the Advisory Committee on National Accounts Statistics recommendation for adopting 2020-21 as the new base year, the earliest year to which this can be applied may be from 2021-22, depending on the readiness of the data. Hence, the challenge for the govt is now to shrink the time gap between the adoption of a particular fiscal yr as the base yr and the year from which it is used for calculating the national accounts and other important indicators like the IIP, the CPI and the WPI.

For instance, after accepting 2011-12 as the new base year, it took 3-4 years for the new base year to come into force completely and thereby the revised series of GDP, IIP, CPI, WPI to kick in.

primo org

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

US revamps H-1B visa process, says applications to be accepted from April 1, 2020

US revamps H-1B visa process, says applications to be accepted from April 1, 2020

ISRO to launch of RISAT-2BR1 and 9 commercial satellites on December 11

ISRO to launch of RISAT-2BR1 and 9 commercial satellites on December 11

Markets this week: Nifty down 1%; Kotak Mahindra Bank, TCS top gainers; Yes Bank dips 19%

Markets this week: Nifty down 1%; Kotak Mahindra Bank, TCS top gainers; Yes Bank dips 19%

Trending on CNBC-TV18

Live TV

recommended for you