Govt looks to change base year for major economic gauges to FY23, revamp of key datasets also being planne

“Discussions are going on. A final decision may be taken after the election,” said one official. The government will soon set up a panel to recommend changes to the way the national account is compiled, among other suggestions, said another person. The base year provides a reference point for measuring changes in economic variables and comparing relative performances of indicators over time. For instance, real gross domestic product (GDP) growth is currently calculated with reference to FY12 prices. A regular …