New Delhi, Jan 30 (IANS) The Indian government Friday revised the base year for computing national accounts resulting in the upward economic growth rate of 6.9 percent for 2013-14, according to an official statement.
The GDP estimates under the old method was 4.7 percent.
The ministry of statistics and programme implementation has released the new series of national accounts, revising the base year from 2004-05 to 2011-12.
The base year of national accounts was last revised in January 2010.
According to the statement, base year revisions differ from annual revisions in national accounts primarily because of nature of changes.
"In annual revisions, changes are made only on the basis of updated data becoming available without making any changes in the conceptual framework or using any new data source, to ensure strict comparison over years," it said.
"In case of base year revisions, apart from a shift in the reference year for measuring the real growth, conceptual changes, as recommended by the international guidelines, are incorporated."
"Further, statistical changes like revisions in the methodology of compilation, adoption of latest classification systems, and, inclusion of new and recent data sources are also made. Changes are also made in the presentation of estimates to improve ease of understanding for analysis and facilitate international comparability," the government said.
As a result, the growth rate for 2012-13 has been changed to 5.1 percent under revised norms as against 4.5 percent estimated under the old values.
According to the statement, following the international practice, industry-wise estimates will be presented as gross value added (GVA) as basic prices, while GDP at market prices will henceforth be referred as GDP.
Ind vs SL: Kohli has a chance to make a record in Mohali Test which no Indian batsman has made
Indian cricket will enter a new era with the first Test of the two-match home Test series against
The series of upheavals in the T20 World Cup continues. On Thursday, Pakistan's team had to face
Unfazed Rohit delivers again in India's time of need
Melbourne, March 19 (IANS) With his well-paced hundred against Bangladesh in the cricket World
PM Modi speaks to Vladimir Putin, reiterates India's stand on the situation in Ukraine
Prime Minister Narendra Modi had a phone conversation with Russian President Vladimir Putin on Fr
Earth Day, ie Earth Day, is being celebrated all over the world today. Its purpose is to make peo
AAP Manifesto Promises Full Statehood for Delhi, More Jobs (Roundup)
New Delhi, Jan 31 (IANS) The AAP Saturday released its manifesto for the Delhi assembly electio
The Aam Aadmi Party (AAP) has filed an application in the Supreme Court opposing a PIL against po
Two terrorists were gunned down by the security forces in the Drgad area of Shopian within
Jal Nigam's efficiency for 'Clean Ganga' questioned
Kolkata, March 11 (IANS) A leading American researcher, known for her extensive work on wastewa
Modi attacks AAP over donations (Lead)
New Delhi, Feb 3 (IANS) Prime Minister Narendra Modi Tuesday hit out at the AAP on the issue of