Why the revision matters
Rebasing national accounts is a routine but critical exercise that reflects structural changes in the economy, incorporates new data sources and improves measurement. Choosing FY 2022–23 as the base year will recalibrate nominal and real aggregates — including GDP — and is expected to provide more accurate, policy-relevant estimates for economic planning and analysis.
Advisory Committee and scope
MoSPI has set up an Advisory Committee on National Account Statistics (ACNAS) chaired by Professor B.N. Goldar. The committee includes representatives from central ministries, state governments, academia and research institutions. ACNAS will advise MoSPI on integrating new data sources and refining methods for compiling and presenting national accounts statistics.
Focus of the first discussion paper
This first discussion paper concentrates on methodological changes in compiling aggregates using the production and income approaches in both nominal and real terms. It documents proposed adjustments, source updates and estimation procedures that will feed into the new series. A subsequent paper will cover methodological changes under the expenditure approach.
Key methodological themes
The paper discusses several technical themes that typically arise during rebasing: incorporation of new administrative and survey data, revisions to sectoral classification and mapping, price-deflator improvements, and approaches to estimating informal-sector activity. It also outlines how nominal values will be converted to real terms and how growth rates will be derived under the production and income frameworks.
Data sources and quality
MoSPI proposes greater use of administrative datasets and high-frequency indicators where feasible while emphasising standardisation and quality checks. The aim is to reduce reliance on outdated or sparse surveys and to improve timeliness without compromising statistical robustness. The discussion paper provides a transparent account of the proposed data flows and estimation steps for peer review.
Stakeholder consultation and timeline
The Ministry has invited comments and feedback from experts, academicians, government bodies, state governments, financial institutions and other users of national accounts data. Responses should be sent to ddg1.nad@mospi.gov.in by 10 December 2025. MoSPI intends to publish the new series and accompanying documentation on 27 February 2026.
Why users should engage
National accounts are foundational to fiscal planning, monetary policy, investment decisions and research. Early engagement by users ensures that the new series addresses practical needs — from industry analysts seeking sectoral detail to state governments that use GDP estimates for planning and transfers. Feedback can help fine-tune assumptions, source choices and presentation formats.
International and policy relevance
Accurate and up-to-date national accounts improve India’s comparability with international datasets and can influence investor perceptions. Methodological clarity also supports transparent policy debates on growth, productivity and structural change as India advances towards medium-term goals including Viksit Bharat@2047.
Where to read the discussion paper
The discussion paper is available on MoSPI’s website. Interested readers and data users can review the full text and supporting materials at MoSPI.
