New series and estimates are scheduled to be released on February 27, 2026
By Dr. Gyan Pathak
Exercise for base revision of Gross Domestic Product (GDP), Consumer Price Indes (CPI), and Index of Industrial Production (IIP) series is underway which will change the base year 2011-12 to 2022-23. National Accounts Division of the Union Ministry of Statistics and Programme Implementation (MoSPI) of India is likely to release the revised series and estimates scheduled on February 27, 2026.
A document published by the MoSPI stated, “With the gradual improvement in the availability of basic data over the years, a comprehensive review of methodology for national accounts statistics has been undertaker but the Ministry with a view to revise the base year to a more recent year.”
To carry out the base revision exercise, an Advisory Committee on National Account Statistics (ACNAS) has been constituted to advise MoSPI, among other things, on inclusion of new data sources for improving the estimates of National Accounts and the methodology for compilation and presentation of the National Accounts Statistics for purposes of economic analyses and policy formulations. The committee has representation from various Central Ministries and Departments, State Governments, RBI, Academia, and Research Institutions.
As per the System of National Accounts (SNA) 2008, institutional sector approach is followed for compilation of National Accounts. It divides the resident economic entities among five institutional sectors viz. Non-Financial Private Corporate Sector, Financial Corporations Sector, General Government Sector, Household Sector, and Non-Profit Institutions Serving Household (NPISH) Sector.
The chief changes proposed in the Non-Financial Private Corporations (NFPC) Sector are inclusion of several data sets that are available now, namely frame of active companies (having enterprise-level details on Paid-up Capital, Company Category viz. Govt/Non-Govt etc), Management & administration related data, and frame of active Limited Liability Partnership (LLP) companies etc. Accordingly, methodological improvements are being undertaken which include – Segregation of activities in case of multi-activity enterprises, change in the multiplier, and Use of LLP data.
For Financial Sector, the compilation of each sub-sector has been revisited to incorporate improvements. It will include data from Statistical Tables Relating to Banks in India (STBRI), MCA data for private NBFCs to cover the subsector “Other Financial Intermediaries except Insurance Company and Pension Fund (ICPF) in a mor comprehensive way. ASUSE data will be used. Pension Funds will be treated separately. Coal Mines and Seamen Pension Funds data will also be used.
For General Government Sector, the data for adjustment for pension, imputation of accommodation provided by government in lieu of HRA, and improved coverage and regional spread will be used.
For Household sector and NPISH Sector (accept agriculture, construction, and ownership of dwellings) GVA estimates for the base year 2010-11 have been extrapolated using appropriate indicators for a concerned economic activity. It will use the data from ASUSE and PLFS, which are now available, which included household sector.
For Agriculture and allied Sector, the proposed changes are use of updated and dynamic input-output ratio, new rates and ratio for calculating output of fodder and grass in crop sub-sector, update in coverage of other crops, and bifurcation of feed of livestock between crop and livestock sector.
In the revised series, in place of estimating the total GVO of construction industry using commodity flow, the commodity flow is planned to be used to arrive at material inputs to household sector only. The results of recent surveys ASI, ASUSE, AIDS, HCES and studies (State-wise Unit Cost for plantation crops from NABARD will be used.
In the revised series, for rural areas the same user cost approach will be followed to derive the output of housing service which is named as “Ownership of Dwelling” in NAS. For urban areas, the number of dwellings is estimated using projected population figures of MoHFW along with average household size and the average rent per dwelling is derived form the HCES 2022-23. Once the next Census data becomes available, the estimates for the number of dwellings will be updated accordingly.
In 2022-23 series, effort has been made to do away with single deflation. Efforts have been made to increase the coverage of double deflation based on data availability. Most importantly, double deflation is proposed in major part of Manufacturing activities. The volume extrapolation is to be used where double deflation is not feasible.
The Ministry is currently working on revising the CPI series with a new base year of 2024. This update will incorporate data from Household Consumption Expenditure Survey (HCES) 2023-24. Key changes in new CPI involves a comprehensive revision of the coverage, item basket, weights, and methodology.
The Ministry is revising the Index of Industrial Production (IIP) base year to 2022-23. This revision aims to improve the index by updating sectoral coverage, revising item weights, enhancing factory representation and adopting improved methodologies. It would include an updated product basket that reflects the latest patterns of industrial production and revision of sectoral and item weights to better capture the current structure of India’s industrial economy. (IPA Service)
