India is set to release a revised national accounts series aimed at improving the accuracy of GDP and GVA estimation.
Key Improvements:
• Base Year Update: Shift from 2011–12 to 2022–23
• Refined Corporate Estimation: Activity-wise revenue allocation instead of assigning output to a single dominant sector
• Expanded Data Use: Greater reliance on GST data, RBI banking statistics, MCA filings, ASUSE and PLFS surveys
• Improved Sectoral Coverage: Inclusion of government-provided housing services and better state-level data integration
Formula reminder:
GDP = GVA + Taxes on Products − Subsidies on Products
This revision reflects methodological modernization and deeper data integration across formal and informal sectors.
