Why India's statistical databases upgraded?
India's statistical databases are undergoing upgrades to reflect the evolving economy and improve accuracy. The Ministry of Statistics and Programme Implementation (MoSPI) periodically revises base years and methodologies for key indicators like CPI, WPI, IIP, and GDP. This is crucial because economic structures change, with services gaining prominence and consumption patterns shifting. The upgrades aim to capture these changes, provide a more realistic picture of the economy, and ensure data remains relevant for policy-making. Challenges include integrating data from the informal sector and accurately measuring new economic activities, but these revisions are essential for maintaining the integrity and utility of national statistics.
Key Points
- India's statistical databases are being upgraded to reflect changes in the economy and improve data accuracy.
- Base years and methodologies for key economic indicators are periodically revised by MoSPI.
- The revisions account for shifts in consumption patterns and the growing share of the services sector.
- Upgraded databases provide a more realistic and reliable guide for economic policy-making.
- Challenges include accurately capturing data from the informal sector and new economic activities.
- The upgrades are essential for maintaining the integrity and utility of national statistics.
Exam Facts
- The Ministry of Statistics and Programme Implementation (MoSPI) is responsible for database upgrades.
- Key indicators include Consumer Price Index (CPI), Wholesale Price Index (WPI), Index of Industrial Production (IIP), and Gross Domestic Product (GDP).
- The base year for GDP and IIP was revised to 2011-12.
- The base year for CPI was revised to 2012.
- The base year for WPI was revised to 2011-12.
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