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Base Year Concept

By AC Team 1 - June 24, 2015

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A base year is the year used for comparison for the level of a particular economic index. The
arbitrary level of 100 is selected so that percentage changes (either rising or falling) can be
easily depicted.

*BASE YEAR also know as rebasing

why base year changes _

*By every 10 years there is change will be minimum 4% rise in price of items so base year
has to be changed .

How can we calculate base year

GDP growth rate = change in gdp/initial GDP * 100

GDP of any of the previous years is chosen as the intial GDP and the eyar that is chosen is
known as the base year.

Suppose India’s GDP is Rs. 100 and base year is 2000. Now, in 2015, many sectors such
as IT, e-commerce, mobile telephony etc contributes to our economy, which were not
present in 2000. Thus, India might be showing wrong GDP figures, since majority of
economic activities driving sectors are not represented in Rs. 100. So, our govt. decides to
change the base year to 2010. The revised base year will lead to all such sectors coming
into play, and the GDP number will increase as the total output from these sectors will be
added, which was not the case in 2000 base year.

Example __

India GDP is rs-100 and the base year is 2000

Month-Wise Current Affairs 2020

Current Affairs September 2020

now it has been changed now in 2015 — the IT ,economy ,infra ,e-commerce are contributed Current Affairs August 2020
more to base year need change
Current Affairs July 2020
Current Affairs June 2020
The change in base year__
Current Affairs May 2020

The govt of india will also coincide with other surveys that act as inputs in assigning weights Current Affairs April 2020
in the National Income Accounts. In 2011-12, the five-yearly survey on employment and Current Affairs March 2020
consumer expenditure will be repeated. They were carried out in 2009-10, but since bad Current Affairs February 2020
monsoons would have affected employment and income growth, the surveys will need to be
Current Affairs January 2020
done again. The change in the base year of the GDP series is considered to be very
important, as the other two major data series, IIP and WPI, are also expected to be changed
to the same base year. This is a step in the right direction. AffairsCloud Today

Economists say high inflation in the current year could mean lower inflation figures in future Current Affairs 24 October 2020
while the present spell of slowdown could mean higher growth rates later. Till now, 2011-12 AC Team - October 24, 2020
has been a choppy year with a slowdown in growth and high inflation.

government, engineering an economic rebound with a slew of reforms, on Friday unveiled a Current Affairs 23 October 2020
AC Team - October 23, 2020
new statistical method to calculate the national income with a broader framework that turned
up a pleasant surprise: GDP in the past year 2013-14 grew 6.9% instead of the earlier 4.7%.

Current Affairs 22 October 2020

Note _ ** with in upcoming 5 years the indian gdp will be around 9% AC Team - October 22, 2020

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BASE YEARS OF LATEST INDEX__ Maharashtra Current Affairs

Madhya Pradesh Current Affairs

RESIDEX — —————————-2007– real estate , housing Manipur Current Affairs

BANKEX ——————————-2002—- banking Meghalaya Current Affairs

STOCK MARKET ——————–1978-79— stock market Mizoram Current Affairs

Nagaland Current Affairs

IIP—————————————-2004-05—industries
Odisha Current Affairs
CPI-IIW(industrial workers)———-2001-02
Punjab Current Affairs
CPI-AL (agricultural labours)———1986-87 Rajasthan Current Affairs

CPI-RL (rural labours)—————–1986-87 Sikkim Current Affairs

CPI-UNME(urban non manual)——-1984-85 Tamilnadu & Puducherry Current Affairs

Telangana Current Affairs

CPI-RURAL —————————2010
Tripura Current Affairs
CPI-URBAN—————————-2010
Uttar Pradesh Current Affairs
RUPEE BASE YEAR—————–1971 Uttarakhand Current Affairs
 IAP(index of agricultural )————2007-08 West Bengal Current Affairs

NSE ————————————-1983-84

BSE– ———————————–1989-90 Bank Exam

FTI—————————————1999-2000– foreign trade SBI PO Previous Year Question Paper

NEER — REER ————————1993-94 SBI Clerk Previous Year Question Paper

SBI SO Previous Year Question Paper

WPI—————————————2004-05
IBPS PO Previous Year Question Paper
CPI—————————————2009-10(latest)
IBPS Clerk Previous Year Question Paper
GDP————————————–2011-12
IBPS RRB Officer Previous Year Question
Paper
How base year influence gdp & global economic growth rate __
IBPS RRB Office Assistant Previous Year
Question Paper
GDP_ Gross Domestic Product, is the measure of a country’s economic growth.
RBI Grade B Officer Previous Year
Question Paper
1.GDP is typically measured by reference to the shape of the economy in a “base year”.
Statisticians sample businesses in different industries to see how fast they are growing. The RBI Grade B Phase 2 Exam Previous Year
weight they give to each sector depends on its importance to the economy in the base year. Question Paper
However, as time passes the base year become less and less accurate due to the emergence RBI Assistant Previous Year Question
of new sectors which drives the country’s economy, and which are not represented in the Paper
previously decided base year. Thus, countries changes their base years once they think that Bank of Baroda PO Previous Year
it has become irrelevant. This process of changing the base year for calculating GDP is Question Paper
commonly known has rebasing
 

2.The change in the base year and also the conceptual framework, the release said, will Insurance Exam
improve ease of understanding (data) for analysis and facilitate international compatibility. LIC AAO Previous Year Question Papers

United India Insurance AO Previous Year

The new series, it said, will also affect a wide range of indicators like trends in public
Question Papers
expenditure, taxes and public sector debt that are conventionally analysed in terms of their
UIIC Assistant Previous Year Question
ratios to nominal GDP. However, the release said, the level of revision in the present base
Paper
revision “is not large enough to affect any of these ratios significantly.
NICL AO Previous Year Question Paper

WHO SAYS WHAT ? NICL Assistant Previous Year Question

Paper
INDIA GDP estimates __ 2015-16 OICL Assistant Previous Year Question
Paper
IMF- 7.5%
ESIC UDC Previous Year Question Paper
IBRD- 7.5%
NIACL AO Previous Year Question Paper
MOODY’s-7.5%
 
OECD-7.7%
Other Exams
ADB-7.8% FCI Assistant Grade III Previous Year
FITCH-8% Question Papers

RRB NTPC Question Papers

NOMURA -6.7%
SSC CHSL Previous Year Question Papers
ECONOMIC SURVEY- 8.1-8.5%
SSC CGL Tier I Question Papers
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