The Indian government is contemplating a shift in the base year for key economic indices to FY23 and considering updates to various datasets to reflect the evolving structure of the economy, reports The Economic Times (ET). Currently, indices like the Index of Industrial Production (IIP) and Consumer Price Index (CPI) are anchored to FY12. The move aims to align indices with changing economic dynamics and consumption patterns. Plans include forming a panel to recommend changes in national accounts compilation. Additionally, there are proposals to modernize indices like CPI, which still includes outdated items.
India Mulls Changing Base Year for Economic Indices to FY23
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