Base year for GDP, IIP

To calculate GDP and IIP numbers, the base year would be changed to 2017-18, whereas the retail inflation for the year would be revised to 2018.  “During 2018-19, the Ministry is proposing to initiate steps to revise the base years of Gross Domestic Product (GDP), Index of Industrial Production (IIP) and Consumer Price Index (CPI) to accommodate and factor the changes that take place in the economic scenario of the country,” said Union Minister D V Sadananda Gowda.