Seeking to present a more realistic picture of the economy, the government will release a new series of national accounts with 2011-12 as base year for computing the economic growth rate.
The Gross Domestic Product (GDP) data based on the new series will be released for three consecutive years from 2011-12 in January next year. At present, the GDP is computed on 2004-05 base year.
“The new series will better reflect the economy as it would include more sectors. However, it would be difficult to say whether there would be any significant change in growth rates for the previous years,” National Statistical Commission chairman Pronab Sen, who was associated with formulation of the new series, said.
He added that it may take about one year to ascertain about the change in growth rates of different sectors and economy as a whole based on the new series during the previous years.
“As per the revision policy of the national accounts, the estimates for the year 2011-12, 2012-13 and 2013-14, due for release in January 2015, would have been the third revised estimates, second revised and first revised estimates, respectively,” as official statement said.
The government will also be revising the base year for consumer price index (CPI), wholesale price index (WPI) and index of industrial production (IIP).