Base Year Change

The government has proposed 2022-23 as new base year for the Gross Domestic Product (GDP) and Index of Industrial Production (IIP), and 2024 for Consumer Price Index (CPI), Parliament was informed on Wednesday. "The Ministry is underway to revise the base year of GDP, IIP and CPI. The base year is revised periodically to better capture the structural changes happening in the economy by updating the methodology of compilation and incorporation of new data sources," Minister of State for Statistics & Programme Implementation said in a written reply to Lok Sabha. For the CPI, list of items and their respective weights derived from the Household Consumption Expenditure Survey of 2023-24 is used in the revised index. The Ministry has conducted its first Forward-Looking Survey on Private Corporate Sector CAPEX Investment Intentions from November 2024 to January 2025 and the findings of the survey have been published. The Ministry has also conducted a Pilot Study on Annual Survey of ...

A base year is the reference year whose prices are used to calculate the real growth (minus inflation) in national income

The ministry is currently undertaking a market survey, a requirement to update the base year for CPI, as it is used to update the CPI basket

Economic indices such as the Index of Industrial Production (IIP), Wholesale Price Index (WPI), and National Income are benchmarked to FY12

Navi Finserv debt bond got listed on Friday following 1.65 times subscription of the base issue of Rs 300 crore, the company said. The issue which closed on June 2, eight days ahead of schedule, received total bids worth Rs 495.72 crore which was about 65 per cent higher than the base issue. The fintech firm's secured, rated, listed and redeemable Non-Convertible Debentures (NCDs) had a total value of Rs 600 crore, including the greenshoe option of Rs 300 crore. The maximum bid for the Navi Finserv (NFS) issue came from Qualified Institutional Buyers (QIB) followed by HNIs (High Net-worth Individuals) and retail investors. "It's great to see the response to our maiden public NCD issuance from both retail and institutional investors. Our goal was to diversify our borrowing profile, and with more than 5,000 retail and HNI investors participating in the issue, the market has shown its confidence in our company's strong fundamentals and robust business model," NFS chairman and CEO Sach

FY20 is being considered for a 'more realistic comparison'

Govt should prioritise releasing back series for national statistics

Statistics Minister D V Sadananda Gowda said the change will happen by the end of 2018