Financial Daily from THE HINDU group of publications
Tuesday, Apr 04, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 04, 2006 |
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Industry & Economy
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Economy New base year for effective planning Our Bureau
DR R.C. PANDA
Hyderabad , April 3 The Union Ministry of Statistics and Programme Implementation will put in place a base year with a periodicity of five years against the current seven years. Announcing this here on Monday, Dr R.C. Panda, Secretary in the Ministry, said the periodicity had been coming down from 11 years in the past to seven. To have a realistic picture to ensure effective planning, one should have figures as proximate as possible to ground realities. One should be not too far from or too near it. It should be at a comfortable distance to have a better picture of the ongoing structural changes and the health of the economy, Dr Panda said. Addressing the inaugural of five-day national workshop on new series of State Domestic Product (1999-2000), he said the country's estimates were free from influences. The workshop was aimed at updating State-level statistical officials on the changes being made in the new series of national accounts with the base year 1999-2000 that came into effect on January 31, 2006. The earlier base year was 1993-94. The new base year was chosen to coincide with the year of previous Quinquennial Employment and Unemployment Survey conducted by the National Sample Survey Organisation that year. The results of this survey formed the basis for the workforce estimates used in the new series of national and State income estimates, especially for the unorganised sectors. The new series of national accounts comprised several improvements in estimation, by including the latest data available from long-term surveys and censuses, expanding the coverage of economic activities and changing the procedures of estimation in select economic activities.
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