Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Amid Economic Slowdown, Govt May Set New Base Year for GDP in a Few Months

The economic growth slowed to over six-year low of 5 per cent in April-June this fiscal. The government has been taking steps to boost investment and perk up the sagging economy.

News18.com

Updated:November 5, 2019, 5:29 PM IST
facebookTwitter Pocket whatsapp
Amid Economic Slowdown, Govt May Set New Base Year for GDP in a Few Months
News18 Creative by Mir Suhail.

New Delhi: Amid an economic slowdown that has brought the GDP growth rate to a six-year low of just 5 per cent in April-June 2019, the central government is considering revising the base year for the GDP series in the next few months.

The Ministry of Statistics and Programme Implementation is mulling changing the base year to 2017-18 from the existing 2011-12, a senior official told news agency PTI. The decision will be finalised after a committee of experts goes through some more data and gives an opinion.

"The decision to change the base year (of GDP) would be taken in next few months. We are waiting for Annual Survey of Industries and the Consumer Expenditure Survey. All the preparatory work is getting ready for that.

"Once the result is out, we will place it before the respective committees (to decide about the base year)," MOSPI Secretary Pravin Srivastava told reporters at a FICCI conference adding that the decision has to be taken considering global and national scenario as well.

He also said that earlier when new series with 2011-12 base year was being worked out, the ministry thought of revising it to 2009-10.

But then the economists decided that 2009-10 was not a good year globally and domestically and finalised 2011-12 as the base year for new series of GDP.

On whether the economy will see recovery he said, it is too early to comment on it because lot of inputs for tabulation depend upon the IIP (index of industrial production), CPI and WPI data, which would come in the first fortnight of November.

The economic growth slowed to over six-year low of 5 per cent in April-June this fiscal. The government has been taking steps to boost investment and perk up the sagging economy.

Regarding experts' views that industrial production for September will see a decline after core sector output contracted 5.2 per cent during the month, Srivastava said, "We do not speculate data. We wait for data to come because the data will tell us."

When asked about the need for new GDP base year, he said the change in base year actually captures the change in structures of the economy.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Zee Entertain 358.10 3.75
Reliance 1,546.50 0.58
Indiabulls Hsg 237.35 2.50
Infosys 693.20 -2.81
SBI 329.30 -0.62
Company Price Change %Gain
Zee Entertain 357.90 3.66
Indiabulls Hsg 237.00 2.31
Reliance 1,546.40 0.60
Safari Ind 544.65 -6.31
Yes Bank 64.80 0.86
Top Gainers
Company Price Change %Gain
Tata Steel 400.00 3.87
Zee Entertain 358.10 3.75
Eicher Motors 22,753.20 3.64
JSW Steel 251.25 2.45
Vedanta 142.25 2.30
Company Price Change %Gain
Tata Steel 399.60 3.74
NTPC 117.80 2.35
Vedanta 142.15 2.27
ONGC 133.80 2.14
Power Grid Corp 198.55 1.53
Top Losers
Company Price Change %Gain
Bharti Infratel 232.00 -4.09
Infosys 693.20 -2.81
TCS 2,071.70 -2.19
Asian Paints 1,682.75 -2.19
UPL 533.50 -2.07
Company Price Change %Gain
Infosys 693.15 -2.89
TCS 2,070.55 -2.20
Asian Paints 1,682.40 -2.17
HCL Tech 1,115.75 -1.82
Kotak Mahindra 1,568.50 -1.68

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results