Change in the base year for GDP, IIP, CPI baseless

Govt should prioritise releasing back series for national statistics

The Union ministry of statistics and programme implementation (MoSPI) has announced that it proposes to change the base year for most of the calculations of national statistics. At present, 2011-12 is the base year. MoSPI plans to rebase the calculations for the gross domestic product (GDP), the index of industrial production (IIP), and the consumer price index (CPI) to the year 2017-18. These changes will be implemented in 2018-19 after the latest Employment Survey and Household Expenditure Survey are tabulated. These are all key macroeconomic variables used in the formulation of national policy. Fiscal and monetary policies are both tied