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GDP data with 2011-12 as new base year in Jan
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SME Times News Bureau | 03 Nov, 2014
Updating the system for
computing the economic growth rate, the Indian government will release a
new series of national accounts with 2011-12 as base year in January
next 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 (NSC) chairman Pronab
Sen said here.
The NSC has suggested that the base year for computing national accounts should be revised every five years.
The country's Gross Domestic Product is currently computed with 2004-05 as the base year.
GDP data based on the new series will be released for three consecutive years from 2011-12.
"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," the statistics and programme
implementation ministry said in a statement here.
"However, since
these estimates have been compiled afresh, these would be referred to
as 'New Series' estimates or NS," it added.
The government will
also be revising the base year for consumer price index (CPI),
wholesale price index (WPI) and index of industrial production (IIP).
The
new series of IIP and WPI are likely to be released by March 2016. The
growth in the new series of IIP and WPI would be incorporated in the
provisional estimates of 2014-15, to be released in May 2016.
The base year of national accounts is periodically updated to account for structural changes taking place in the economy.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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75.65 |
Japanese
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56.85 |
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