A sub-committee, set up by the Ministry of Statistics and Programme Implementation (MoSPI), has suggested increasing the utilization of GST data in the new GDP estimates series with 2022-23 as the base year. The report, part of the process to update the National Accounts base year to FY 2022–23, was released recently. Scheduled for release on February 27, 2026, the new series (Base: 2022–23) aims to inform users about the modifications in the national accounts.
The sub-committee, led by Manish Sinha, CEO of GSTN, and comprising members from academia, researchers, Central and State Governments, and the RBI, emphasized the significance of GST data as a crucial administrative data source for National Accounts Aggregates. In the upcoming series, GVA from private corporations to Gross State Domestic Product will be more accurately estimated using GST data. This shift will enhance the precision of GVA imputation for non-reporting companies, a departure from the 2011-12 series.
MoSPI, conducting ASUSE annually since 2021-22 and PLFS since 2017-18, now compiles estimates of Gross Value Added (GVA) for the household sector and quasi corporations using robust data from ASUSE. By eliminating the need to extrapolate benchmark estimates from the 2011-12 series, the accuracy and reliability of estimates for the household sector and quasi corporations have significantly improved. Additionally, there is an increased reporting of cases from local bodies and state autonomous bodies, leading to a higher portion of direct estimates in the new series.
The sub-committee’s report focuses on reviewing data sources used in the 2011-12 series and incorporating new administrative and survey data sources for the National Accounts compilation. It highlights key issues discussed during meetings and the resulting recommendations. As part of the base year revision to FY 2022–23, MoSPI formed an advisory committee and five sub-committees to delve into specific subject areas, aiming to enhance the methodology and presentation of National Accounts Statistics.
