The Ministry of Statistics and Programme Implementation (MoSPI) has set up a 26-member Advisory Committee on National Accounts Statistics (ACNAS) to determine the base year for Gross Domestic Product (GDP) data. The committee is chaired by Biswanath Goldar, a former professor at the Institute of Economic Growth.
Key Members:
- Biswanath Goldar: Chairperson, former professor at the Institute of Economic Growth.
- GC Manna: Former Director General of the Central Statistics Office (CSO).
- Mausami Das: Professor at the Delhi School of Economics.
- Chetan Ghate: Director of the Institute of Economic Growth.
The committee also includes representatives from several key institutions such as the Reserve Bank of India (RBI), NITI Aayog, the Ministry of Agriculture, GST Network, the Ministry of Commerce and Industry, and the Department for Promotion of Industry and Internal Trade (DPIIT).
Committee’s Mandate:
The ACNAS has been tasked with reviewing the existing databases and advising on the inclusion of new data sources to improve the estimates of national accounts. It will also advise on the compilation and presentation of national accounts statistics for economic analysis and policy, including the methodology for seasonal adjustment of quarterly national accounts. Notably, the government does not currently present seasonally-adjusted accounts.
Alignment with Other Indices:
The committee will work on aligning GDP with other critical indices such as the Wholesale Price Index (WPI), Consumer Price Index (CPI), and Index of Industrial Production (IIP). This alignment is crucial for ensuring consistency across various economic indicators used for policymaking and analysis.
Tenure and Subcommittees:
The committee has a tenure of five years or until the completion of the next base year revision, whichever is later. For operational efficiency, it may constitute subcommittees on different aspects, with each subcommittee having a maximum tenure of two years.
Upcoming Changes:
As part of the broader efforts to update economic data frameworks, the government is conducting a market survey to update the consumer basket, likely resulting in a new CPI base year of 2024. The government aims to align the base year across various data releases, including the recently released Household Consumption Expenditure Survey (HCES), Annual Survey of Unincorporated Enterprises (ASUSE), and Annual Survey of Industries (ASI).
This initiative is a crucial step in modernizing India’s statistical infrastructure, ensuring that the data used for economic planning and policy is accurate, up-to-date, and reflective of current economic realities.
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