“The new series of national accounts is tentatively scheduled for release on January 31, 2015,” said a statement by the Ministry of Statistics and Programme Implementation.
Typically, GDP data of past years are revised on the last working day of January. As such, data for 2012-13 and 2013-14 might be revised on January 31 next year (GDP growth for 2012-13 and 2013-14 stood at 4.5 per cent and 4.7 per cent, respectively).
However, if past revisions are a yardstick, there isn’t much hope of a revision in GDP growth. However, in absolute numbers, GDP size of the economy would be increased for 2011-12, 2012-13 and 2013-14.
Based on the recommendations, data on companies from MCA 21 (an initiative of the corporate affairs ministry), instead of central bank data on company finances, will be considered. The population census of 2011, the agriculture census of 2010-11 and the livestock census of 2012 will also be taken into account. The new data will also factor in data on financial corporations provided by the Securities and Exchange Board of India and the Pension Fund Regulatory and Development Authority.
Since compilation of national accounts involves the incorporation of indices such as WPI and IIP, the base year of these indices will also be changed from 2004-05 to 2011-12, albeit from March 2016.
As any change in estimates for 2011-12 to 2013-14 will have to be accompanied by the complete reconstruction of all accounts, the new series of IIP and WPI will be incorporated in the annual estimates of 2011-12 to 2013-14 in the data to be released in January 2017.