After introducing revised macroeconomic indicators of Index of Industrial Production (IIP) and Wholesale Price Index (WPI) by changing the base year for data computation to 2011-12 from 2004-05, chief statistician TCA Anant has said that upcoming gross domestic product (GDP) numbers which are scheduled to release on May 31 will include the impact of revised data series for IIP & WPI.
Ananat said that GDP is supposed to reflect accurately the value added as we can estimate using old data that is available. Noting that these changes in base year of data series are call for a revision in GDP numbers, Anant said that new series of numbers will be incorporated to GDP compilation and added that the actual implications on the incorporation will be known only when the GDP data gets released.
The chief statistician said that the next revision in the indices of all economic indicators will coincide. “All of these indices will be revised hopefully coincidentally with the national accounts revision, which will probably be for 2017-18'. The government revised the base year of IIP and WPI to a new base year of 2011-12 from 2004-05 to make the indices a better measure of the economic activity. Under WPI series, it has also added a new WPI food index to capture the rate of inflation in food items and apart from a new base year, the revision also includes change in the basket of commodities and assigning of new weights.
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