NITI Aayog Vice Chairman Rajiv Kumar has defended the new GDP Back Series numbers released last week on the ground that it is purely based on facts and the data now are much more in sync with the System of National Accounts (SNA) of the UN of 2008.
About:
The System of National Accounts (SNA) is the internationally agreed standard set of recommendations on how to compile measures of economic activity such as GDP in accordance with established accounting conventions based on economic principles.
Timeline: The first international standard was published in 1953 and underwent subsequent revisions with the last revision being done in 2008.
Objective: To provide an integrated, complete system of accounts to guide individual countries in constructing their own national accounting systems, to enable international comparisons of all significant economic activity.
Enforcement: Adherence to SNA is entirely voluntary, and cannot be rigidly enforced. The systems used by some countries (for example, France, United States and China) differ significantly from the SNA.
Bodies involved:
The latest version SNA 2008, was prepared jointly by the UN, IMF, World Bank, European Union and OECD.
These five organizations constitute the Inter-Secretariat Working Group on National Accounts (ISWGNA), that has been mandated by the UN Statistical Commission to oversee international coordination in the development of national accounts.
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