GDP will be announced soon as per this update:
- India now measures GDP by market prices instead of factor costs, to take into account gross value addition in goods and services as well as indirect taxes.
- The base year has been shifted to 2011/12 from 2004/05 earlier.
- The new method reportedly more in line with global practices to give a better picture of economic activity.
- RBI had shifted to using consumer prices as a key parameter in deciding monetary policy drift.
- In the earlier series, two products falling under a common commodity basket even with different values were equated the same.
- The new series takes into account is the larger data set—that is, the MCA21 database.
- MCA21 is the e-governance initiative of the Ministry of Corporate Affairs for filing financial numbers of private corporate sector.
- While the old series covered just 2,500 companies accounting for their financial results as reported in the RBI study on company finances, the new series based on MCA21 includes 5 lakh companies which constitute 74 per cent of non-financial sector in the country.
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