India updates National Accounts framework with new GDP series

India’s Ministry of Statistics and Programme Implementation (MoSPI) has released the ‘Sources and Methods for Compilation of National Accounts Statistics’ to support the new GDP series using 2022–23 as the base year. This eighth revision marks a significant shift from the previous 2011–12 series, aiming to provide a more robust and comprehensive representation of the evolving Indian economy.

The updated framework incorporates a wider range of data sources to improve the accuracy and timeliness of economic estimates. Key enhancements include increased use of administrative and regulatory data, corporate filings, Limited Liability Partnership (LLP) records, and tax records. These changes are designed to better capture activity within the Non-Financial Private Corporate sector and provide more detailed industry classifications.

Additionally, the revised methodology expands coverage of the financial and government sectors, including changes to the treatment of pension payments and employee housing facilities. The household sector also receives greater visibility through direct estimates derived from the Annual Survey of Unincorporated Sector Enterprises, ensuring the framework aligns with modern production and consumption patterns.