NEW DELHI: The information ministry Wednesday stated an official committee will observe the NSS technical report on services sector companies, which has raised questions over the GDP records.
The technical record of the National Sample Survey Office (NSSO) has generated controversy following its remark that as plenty as 36 in step with cent devices forming a part of MCA-21 database, utilized in computing GDP, could not be either identifiable or traceable within the discipline.
The difficulty of coverage, excellent and timeliness of the MCA database vis-a-vis the Annual Survey of Industries have been discussed in detail inside the various meetings of the Advisory Committee on National Accounts Statistics and followed most effective thereafter, the Ministry of Statistics and Programme Implementation (MoSPI) said in an announcement.
The current workout of the National Sample Survey to deliver out a technical report at the services zone changed into commissioned through the ministry to apprehend the information gaps and take remedial steps, at the same time as undertaking the new base revision exercise for the proposed 2017-18 series.
“The results of this NSS Report might be further examined with the aid of the Advisory Committee earlier than finalizing the technique and method for the proposed 2017-18 series. It is emphasized that there may be no impact on the prevailing GDP/GVA estimates for the corporate area as due care is taken to accurately alter the company filings at the aggregate level based totally on the paid-up capital,” the MoSPI said.
The ministry further said “it desires to be preferred” that every revision within the estimates of GDP/GVA is based totally at the records available at the time of the respective release.
The coverage and pleasant of every statistics source – like sales expenditure, taxes, and organization filings records – improve over the years.
Till the discharge of provisional estimates in any yr, the estimates are based on indicators like the Index of Industrial manufacturing (IIP), wholesale price indices, center quarter facts on metal, cement, electricity, revenue expenditure, GST records, alternate information on imports and exports, client prices, amongst others, it said.
The estimates primarily based on signs are reworked whilst the source of the corresponding records becomes to be had. By the time of the Third Revised Estimate, the insurance and completeness inside the records sources are nearly very last and no in addition revision takes place, the ministry said.
Usually, no revisions within the estimates take location beyond the Advance Release Calendar.
Following media reports on NSSO findings, former finance minister and senior Congress leader P Chidambaram stated that the NSSO revelations have “blown a huge hollow” inside the increase figures positioned out by means of the Central Statistics Office (CSO).
It seems that the government has been the use of bogus records, he alleged.
“The CSO’s boom figures are a sham. The CSO’s complicity in putting out false statistics is a rip-off that needs to be investigated first,” he stated, alleging that the political leadership has “interfered” and “intimidated” the CSO and the NSSO.
The data ministry, in addition, said it is also embarking on the seventh Economic Census for all monetary institutions with an aim to now not only verify the character and distribution of establishments however to additionally shape a National Business Register that can be periodically up to date.
This will greatly facilitate future established order surveys undertaken by the primary and state governments. The subject paintings for the Economic Census is slated to commence in June 2019.