Government Forms Panel To Upgrade Norms For Computation Of Economic Data

The Union Government has constituted 13-member Committee for Sub-National Accounts to upgrade the norms for computation of economic data at states and districts level in a backdrop of plans to revise the base year for National Accounts or Gross Domestic Production (GDP) calculation. It will be headed by Ravindra H Dholakia, a retired professor of IIM Ahmedabad.

The Central Statistics Office (CSO), under Ministry of Statistics and Programme Implementation (MOSPI), revises the base year of macroeconomic indicators, as regular exercise, to capture structural changes in the economy and improve quality and representativeness of indices. CSO had last updated base year for GDP calculation to 2011-12 from January 2015, replacing the old series base year of 2004-05.

The committee will review concepts, definitions, classifications, data conventions, data sources and data requirements for preparation of State Domestic Product (SDP) and District Domestic Product (DDP) and to lay down revised guidelines. It will also suggest measures for improving SDP and DDP in the country taking into consideration availability of data and requirements of Centre and States/UTs. It will also suggest state-level annual and benchmark surveys keeping in view needs of System of National Accounts especially in view of next base year revision. It will submit its report within one year.

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