The Union Government has constituted 13-member Committee for Sub-National Accounts to upgrade the norms for computation of economic data at states and districts level in backdrop of plans to revise the base year for National Accounts or Gross Domestic Production (GDP) calculation. The Committee for Sub-National Accounts will be headed by Ravindra H Dholakia, a retired professor of IIM Ahmedabad.
Terms of Reference of the Committee :
• The panel will review the concepts, definitions, classifications, data conventions, data sources and data requirements for preparation of State Domestic Product (SDP) and District Domestic Product (DDP) to lay down revised guidelines.
• It will suggest measures for improving SDP and DDP in the country, taking into consideration availability of data and requirements of the Centre and States or Union Territories.
• It will suggest state-level annual or benchmark surveys keeping in view the needs of the System of National Accounts especially in view of the next base year revision.
• It will submit its report within one year and may also submit interim reports, as necessary.
The Central Statistics Office (CSO), under Ministry of Statistics and Programme Implementation (MOSPI) revises the base year of macroeconomic indicators, as regular exercise, to capture structural changes in economy and improve quality and representativeness of indices. CSO had last updated base year for GDP calculation to 2011-12 from January 2015, replacing old series base year of 2004-05.