Theory
- GNA = GDP - net factor income
- GDP deflator = Nominal / Real * 100 -
- quarterly available,
- broad coverage of inflation
- Product/ Value added method
- Expenditure method
- Factor Income method
- GVA include Taxes & subsidies, it is sector-specific
Issues
- Data availability
- Product barter - rural - agri ,
- Self-consumption
- Valuation of new goods @constant price
- Lack of income accounting, occupation classification, Non-paying work
- Transfer payment
- Double counting
Need
- Better M, F Policy
- Sovereign rating
- FDI
- IMF quota 50%,
Improvement
- CSO GVA (Market price instead of factor cost)
- UN System of N Accounts,2008
- Base Y (2011-12 from 2004-05)
- Effective labor Input method, MCA21 database,
- Broader coverage - Finance (insurance, MF, AMC, SEBI, PFRDA, IRDA stocks), Agri (farm value addition)
- New surveys - Agri census, AI livestock census
Stats
- CEA Arvind Subramaniam - GDP overestimated - 2.5% (f11-f16)
- Senior official resigned over holding job data - NSC?
- CSO + NSSO = NSO, MOSPI
- MOSPI constitute Pronab Sen committee on eco statistics -
- -employment, industry and services sector
- Legacy problem unaddressed
- Volatile revisions
- a large unorganized sector,
- erosion of autonomy,
- inapt deflator -
- WPI for service,
- Common deflator for input-output - ex Oil
- MCA21
- lacks state-wise data , distort SGDP,
- 'enterprise ' definition
- Transparency & auditing,
- Capability
- Lag
- x Long term series
- Trust deficit , investor confidence ,
- Industrial planning, ineffective policy response
- Public accountability
Way Forward
- Finalize Draft N Policy on Official Stats
- All Ind stat service, merge C&S
- Reconstitution & empowerment of NSC
- Rangarajan com- NSO nodal agency - acct to parliament not exec
- New data source - GST
- N Stat development council, Speedy & Real-time DB
- Info federalism (cooperate, compete, coordinate)
- On methodology update, old series should continue
- NL Sard com- 1 single DB for inflation, employment, Industrial output
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