The Ministry of Statistics and Programme Implementation (MoSPI) is releasing the New Series of Annual and Quarterly National Accounts Estimates with base year 2022–23, which replaces the previous series with base year of 2011–12. As per the International best practices, base year revision is undertaken periodically and differs from regular revisions in National Accounts primarily because of nature of changes. In Annual revisions, changes are made only on the basis of updated data becoming available without making any changes in the conceptual framework or using any new data source, to ensure strict comparison over years. In case of base year revisions, changes are made to:
- Capture structural changes in the economy
- Incorporate latest data sources
- Improve estimation methodologies
- Enhance coverage and accuracy
The Financial Year (FY) 2022–23 has been selected as base year, as it represents a recent normal year (after COVID), with availability of robust and comprehensive data across sectors of the economy, making it an appropriate benchmark for the new series of Annual and Quarterly National Accounts Estimates. For the new Gross Domestic Product (GDP) series, this press release is structured into three parts.
| Part A | Second Advance Estimates of Annual GDP for FY 2025–26.
Quarterly Estimates of GDP from Q1 (April-June) of FY 2022-23 to Q3 (October-December) of FY 2025-26. |
| Part B | Annual estimates of GDP and related aggregates for FY 2022–23, 2023–24 and 2024–25. |
| Part C | Links to access various documents related to New Series including Discussion Papers, Reports of the Sub-committees and FAQs.
Information related to release dates of Back Series and Sources and Methods Publication. Comparative tables between Old and New series for FY 2022-23, FY 2023-24 and FY 2024-25. |
*In order to access various linked documents, press note may be accessed from the website of the Ministry (www.mospi.gov.in)
KEY IMPROVEMENTS IN NEW GDP SERIES (BASE YEAR 2022-23)
- Segregation of Activities in Multi-Activity Enterprises: Improvement in the compilation of Private Corporate Institutional Sector by segregating of activities in multi-activity enterprises.
- Improved coverage of Unincorporated Sector using annual survey data to capture dynamics on regular basis
- Adoption of Double Deflation and Volume/Single Extrapolation: Use of Double Deflation in Agriculture and Manufacturing sector. Use of Volume/Single extrapolation in remaining sectors.
- Improved Benchmarking method for Quarterly National Accounts Series: Proportional Denton Benchmarking method has replaced the Pro-Rata method of benchmarking in previous series.
- Incorporation of Updated Rates and Ratios from Recent Surveys and Studies: Updated rates and ratios are drawn from various surveys, as well as from methodological studies undertaken by MoSPI in collaboration with various expert institutions.
- Extensive Use of GST and Various new Administrative Data sources for Quarterly National Accounts.
- Improved estimates of Private Final Consumption Expenditure (PFCE) by adopting Classification of Individual Consumption according to Purpose (COICOP) 2018 classification and incorporating Survey and various Administrative data sources
- Reduced Discrepancy through SUT Integration: Better synchronization between Production and Expenditure side estimates by integrating the compilation with Supply and Use Table framework
KEY HIGHLIGHTS OF NEW GDP SERIES (BASE YEAR 2022-23)
- Real GDP has been estimated to grow by 7.6% in FY 2025-26. Nominal GDP has witnessed a growth of 8.6%. These growth rates are revised upward from their respective First Advance Estimates computed using previous Base Year (2011-12).
- Overall Economic performance in FY 2025-26 is primarily on account of robust Real growth observed in Second Quarter (8.4%) and Third Quarter (7.8%).
- The Economy has exhibited sustained performance, recording Real GDP growth rates of 7.2% and 7.1% respectively during FY 2023–24 and FY 2024–25.
- Nominal GDP has registered 11.0% and 9.7% growth rates during FY 2023–24 and FY 2024–25 respectively.
- Manufacturing sector has been the major driver in contributing to the resilient performance of the economy in consecutive 3 financial years after rebasing. This sector has attained double digit growth rates in FY 2023-24 and FY 2025-26.
- Secondary and Tertiary sectors have boosted the performance of the economy by registering above 9.0% growth rate in FY 2025-26.
- ‘Trade, Repair, Hotels, Transport, Communication & Services related to Broadcasting, Storage’ sector has attained a growth rate of 10.1% at Constant Prices in FY 2025-26.
- On the Consumption side, both the Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) have exhibited more than 7.0% growth rate in FY 2025-26.
The Complete Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2233518®=3&lang=1
