Recent GDP Revisions - Data Issues and Beyond

The recent controversy on GDP estimates for FY16 using revised base raised many methodological and data quality issues. Many of these issues were discussed in the Symposium on Recent GDP Revisions organised by Indian School of Political Economy. The note picks up some of these issues and offers suggestions for our attempt to resolve these issues, as far as possible. Use of corporate sector accounts for the new series was a bold attempt and a major departure from the past. This shift has many advantages. But there are other serious issues which need to be addressed satisfactorily. The improvement of data quality, timeliness, coherence and auditability enhancing credibility, calls for use of advanced information technology. The development of information system through bottom up approach is a way for modernisation and revamping of official statistics. This modernisation will go a long way in enhancing quality, credibility and usefulness of official statistics as public good.