Base year for revised GDP due to socioeconomic changes: Rao Inderjit Singh
New Delhi, December 5 () The government said Thursday that the base year to calculate the gross domestic product was changed to 2011-12 due to a change in the socioeconomic environment of the country.
In response to a question in Rajya Sabha, the Minister of State for Statistics, Implementation and Program Planning, Rao Inderjit Singh, said that in the last 70 years, the base year has changed seven times.
It was changed in 1967, 1978, 1988, 1999, 2006, 2010 and the last time in 2015, when the base year was changed to 2011-12, he said.
This is not the first time that the base year for computing ... GDP has changed.
Even the United Nations National Accounts System says that the base year must be changed periodically to obtain the rainbow colors of the economy in the mapping, so that you can get the proper estimate of what is happening in the country's GDP, he said.
The reason for this change in the base year was that the socioeconomic environment of the country has changed.
The entry of smartphones has entered, while before there were teleprinters and typewriters. Business models have also changed, such as Ola and Uber. There is a price dynamic also as the price of computers has decreased. he said.
Singh also added that there is a change in the pattern of consumption.
The structural change in the economy has been calculated over several periods because there have been different times when the base year has changed, he said, adding that he does not need any apprehension. The minister's response came from a complementary question asked by Santanu Sen of the All India Trinamool Congress. KRH HRS