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According to you what should be the new base year?

Created by : Esha Johar, Risk Analyst, Irevna  | 06 03 2010 06:37:39 +0000
Industry : Public Sector/GovernmentFunctional Area : Strategy Execution(Strategy & Execution)
Keywords : wpi new base year national statistical commision index of industrial production wholesale price index base year department of industrial policy and promotion iip
Activity:  371 views;  last activity : 07 06 2010 20:18:09 +0000

As work on a new base year will start the moment the government starts releasing key economic data such as the Wholesale Price Index (WPI) and the Index of Industrial Production (IIP) with 2004-05 as the reference point within a few months.

The National Statistical Commission (NSC) has recommended that the base year be updated every five years. Officials in the ministry of statistics and programme implementation (Mospi) say that as 2004-05 is already six years past, it needs to be updated quickly.  Government ministries are now debating whether 2009-10 will be an ideal base year. The department of industrial policy and promotion (DIPP), which releases the monthly wholesale price index, wants the base year to be 2009-10.

But the CSO official cited above said it wasn’t certain that 2009-10 would be the ideal reference point for constructing the indices.  As this was the year when the country faced a severe economic crisis and one of the worst droughts which impacted the farm output. So, they are thinking of making either 2010-11 or 2011-12 as the next ase year.  So, which according to you should be the new base year, 2009-2010 or 2010-2011? share your views on this..

  
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2009-2010 Vs 2010-2011
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Esha You didn't provide the option for 2011-12 ....

Because CSO officials are still waiting for next few month due to European crisis. Because it can increase volatility in Indian market & prices also. Prices of commodities, currency & Inflation are main reason to seek further to choose the Base year.......


By Vipin Bhasin, Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.  06 06 2010 12:51:47 +0000
 
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I think this should be the ideal base year, we know that the prices are more and all but, it is far better situation if we consider 2009 when economy was still in the recovery mode, and now the economy is stable, and we are seeing investments happening, but Inflation is the problem, where commodity prices are increasing like anything, but than 2009-2011 is a better year for the new  base year.
By Esha Johar, Risk Analyst, Irevna  06 03 2010 06:37:39 +0000
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even through there are so many pitfalls in the so many fields every field is regained in that year so it is the ideal base year
By Moparthi Sai Ramya Sree, Software Developer, Virtusa (India)  | 06 04 2010 07:15:40 +0000
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Year 2010-2011 not completed.  Hence, 2009-2010 should be base year.
By T Vishwanath Pai, Accountant, PARISAR ASHA  | 06 03 2010 11:47:52 +0000
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We should not bother for the change in Base-year, they want to erase the "historical data" by changing the base year.

The common man observes with fun that 'data' has no connection with real market prices, be it WPI or CPI .

The cunning ( and loyal ) Bourocrats in MOF or in CSO, or in DIPP etc. are eager to manipulate data in favour of the Govt. and to the detrement of general people.

Let them take the burden of  drawing "Statistics" of their own choice - we are least interested.

Disclaimer : nothing intended to hurt anybody
By ASOKE KUSARI, Domestic Private Banking-Executive/Manager, A large leading PSU Bank - India  | 06 13 2010 17:39:43 +0000
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yes esha

absolutely still we have recover from loss though prices are really high but govt should find ways to curb them
By puneet , Manager Admin  | 06 04 2010 17:13:08 +0000
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I believe you are right. The base year should have some iota of stability associated with it. It cant be a very fluctuating year. The last few years have been down and then marginally up. It is to be hoped that this one is a bit more stable and all the economic indices - particularly the pricing ones - level out!!!
By RAMESH KANDADAI, Principal Consultant, ARM Consultants  | 06 03 2010 07:23:52 +0000
Argue for "2009-2010"
Argue for "2010-2011"
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