Box 1.1 : New Series of National Accounts Statistics
The Central Statistical Organisation (CSO), mandated to prepare and release estimatesof national income, consumption expenditure, saving and capital formation, prepared thefirst official estimates of national income with base year 1948-49 in 1956. To take into accountthe structural changes taking place in the economy, the base year has been shifted fivetimes so far to 1960-61, 1970-71, 1980-81, 1993-94 and 1999-2000.The choice of the latest base year 1999-2000 coincides with the year of the 55th roundof the quinquennial survey on employment and unemployment by the National Sample SurveyOrganisation (NSSO). Besides using the 56th, 57th and 58th rounds of NSSO surveys onUnorganized Manufacturing, Services Sectors and Housing Conditions respectively, thenew 1999-2000 series also uses All India Livestock Census, 2003, Population Census,2001, and All India Census of Small Scale Industries, 2001-02. With a widening of thecoverage, improvement in procedures and inclusion of long-term survey results, the changein base has resulted in some changes in the GDP estimates according to the New Series.
At curent pricesAt constant prices
NewOldDifferenceNewOldGrowth inseries,series,inseries,series,per centYearbasebaseper centbasebaseNewOld1999-20001993-941999-20001993-94seriesseries
Gross Domestic Product at factor cost: New and Old Series
There are no major changes in the overall growth rates of GDP at constant (1999-2000)prices with the change in the base year, although there are changes in growth rates atsectoral level.1.5In contrast to the sharp fluctuations inagriculture, industry and services havecontinued to expand steadily. Indeed, sincethe beginning of the Tenth Plan in 2002-03,with annual growth of 7.0 per cent or more(Table 1.2), industry and services have actedas the twin engines propelling overall growthof the economy. Over a somewhat longerhorizon, in the six years between 2000-01 and2005-06 (AE), on average, services with ashare of 52.0 per cent of GDP, contributed65.0 per cent of GDP growth, and increasedits share in GDP from 49.8 per cent to 54.1per cent. During the same reference period,on average, with a share of 25.8 per cent ofGDP, industry, by contributing 28.0 per centof GDP growth, increased its share in GDPfrom 25.9 per cent to 26.2 per cent.1.6Overall industrial recovery thatcommenced from the second quarter of2002-03 continues. After an acceleration ofgrowth of industrial GDP at factor cost atconstant 1999-2000 prices from 7.0 per centin 2002-03 to 7.6 per cent and 8.6 per cent inthe next two years, the industrial resurgenceis manifest in the projected step up in its growthto 9.0 per cent in the current year. In the currentyear, industrial growth is driven by robustperformances from manufacturing and