The Ministry of Statistics and Programme Implementation (MoSPI) has released a consolidated publication detailing the concepts, definitions, data sources, methodologies and compilation practices underpinning India's new series of National Accounts Statistics, as reported by SocialNews.XYZ. The framework follows the release of the new national accounts series with the 2022–23 base year in February 2026, which was subsequently updated on 31 August to incorporate changes arising from the release of the revised Producer Price Index (PPI) and Index of Industrial Production (IIP) in June. The publication brings together recommendations from the Advisory Committee on National Accounts Statistics (ACNAS), constituted by MoSPI on 27 June 2024 under the chairmanship of Professor B.N. Goldar, and serves as a reference for policymakers, researchers and analysts. According to SocialNews.XYZ, the report lays the methodological foundation for a more robust, transparent, and data-driven national accounting framework that better captures the evolving structure of the Indian economy.
The revised methodology includes expanded use of corporate filings, limited liability partnership (LLP) records and enhanced company-level information for the Non-Financial Private Corporate (NFPC) sector, as reported by SocialNews.XYZ. These sources are intended to improve industry classification, measurement of economic activity and allocation of output across multiple business segments. For the General Government sector, the revisions include broader institutional coverage, refinement of the treatment of pension payments and the incorporation of the value of housing facilities provided to employees. The framework also details changes to the coverage of the financial sector, including expanded data coverage to provide more comprehensive insights into economic activity. The data coverage for the financial sector has been substantially expanded, with the coverage for the general government sector increasing to institutional coverage.
The ministry has implemented double deflation using elementary item-level output Producer Price Indices (PPI) based on ex-factory price for manufactured products, as reported by Business Standard. Under this methodology, the value of goods produced by manufacturers and the cost of inputs used to make those goods are adjusted separately for price changes. MoSPI noted that the output PPI includes final goods and intermediate goods such as wheat, milk, bauxite, coking coal, electricity, palm oil refined, gram flour (besan), cotton yarn, sacks/gunny bags, leather, naphtha, phosphoric acid, cement, and semi-finished products of iron and non-alloy steel. This approach allows one industry's output price to serve as another industry's input price, providing a more granular analysis than applying a single aggregate index.
For the household sector, MoSPI has adopted direct estimation based on two of its surveys, the Annual Survey of Unincorporated Sector Enterprises (ASUSE) and the Periodic Labour Force Survey (PLFS), after evaluating alternative methodologies, as reported by SocialNews.XYZ. Private Final Consumption Expenditure (PFCE) has adopted the Classification of Individual Consumption According to Purpose (COICOP) 2018 framework of the United Nations, supported by more detailed consumption data and administrative sources. The publication also details changes to expenditure-side estimates and quarterly GDP compilation, including the replacement of the existing benchmarking method with the Proportional Denton approach and increased use of Goods and Services Tax (GST) and other administrative data.
The framework outlines significant changes to quarterly national accounts compilation methods, including the replacement of existing benchmarking methods with the Proportional Denton approach, as reported by SocialNews.XYZ. Methodologies for industries including construction, agriculture, livestock, forestry and services have been revised to improve consistency in the estimation of economic activity and reflect recent economic realities. MoSPI has also made changes to the expenditure-side estimates and quarterly GDP compilation to ensure greater consistency in the estimation of economic activity to reflect recent economic realities and improved data availability. The ministry emphasized that these changes are intended to improve consistency in the estimation of economic activity and reflect recent economic realities and data availability. The publication brings together recommendations from the sub-committees and presents the statistical framework used to compile major macroeconomic aggregates, including Gross Domestic Product (GDP), national income, Private Final Consumption Expenditure, Gross Fixed Capital Formation and savings. The report also includes the methodology for compilation of Supply Use Tables (SUT) and guidelines for Regional Accounts.
