The central statistical office (CSO) has come out with a new series of national accounts with 2011-12 as base year for computing economic growth rate.
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The News International Team
The central statistics office (CSO) has come out with a new series of national accounts with 2011-12 as base year for computing economic growth rate. This will increase the size of economy which in turn will help in lowering of fiscal deficit, computed as a proportion of the Gross Domestic Product (GDP).
Post the revision, FY14 GDP growth stands at 6.9 percent (from 4.7 percent) and FY13 at 5.1 percent.
This changes are done once in five years to keep pace with the changes in the economy. From now on, CSO will measure growth by gross value-added at basic prices, instead of by GDP at factor cost.
The government has projected fiscal deficit target of stands at 4.1 percent of GDP for the current financial year.