Indian
Prime Minister Narendra Modi plans a raft of business-friendly
measures if he wins a third term this week, including pushing
through regulations making it easier to hire and fire.
The government is considering a change in the base year for key economic indices to FY23, as well as a revamp of several datasets, to better capture structural changes in the economy, said people aware of deliberations on the matter.
At a time when global firms are diversifying manufacturing away from China to hedge against investment risks, India needs to avail of this historic opportunity
Revision of the base year for both CPI and GDP are long overdue. The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier. We have since seen the emergence of new sectors like platform-based work and online marketing. The employment surveys and the consumption surveys need to reflect these adequately.