MoSPI Releases National Accounts Compilation Methodology Publication
The Ministry of Statistics & Programme Implementation (MoSPI) has published the comprehensive document "Sources and Methods for Compilation of National Accounts Statistics" on September 21, 2026. This publication details the methodological framework for the New Series of National Accounts Statistics with base year 2022-23, which was initially released on February 27, 2026, and subsequently updated on August 31, 2026, to incorporate changes from the new series of Producer Price Index (PPI) and Index of Industrial Production (IIP) released in June 2026. This new series represents the eighth base year revision of India's National Accounts Statistics, replacing the previous 2011-12 series.
The development process involved extensive consultation through an Advisory Committee on National Accounts Statistics (ACNAS) constituted on June 27, 2024, under the chairmanship of Professor B.N. Goldar. The committee established four specialized sub-committees focusing on: Incorporation of New Data Sources, Rates and Ratios (chaired by Shri Manish Kumar Sinha); Methodological Improvement (chaired by Dr. G.C. Manna); Constant Price Estimates (chaired by Prof B.N. Goldar); and Regional Accounts (chaired by Prof R. H. Dholakia). The advisory process included nine rounds of ACNAS meetings, over 35 sub-committee meetings, workshops, seminars, and three Data User Conferences held in Mumbai (November 26, 2025), New Delhi (December 23, 2025), and Chennai (January 30, 2026). MoSPI also conducted detailed consultations with the International Monetary Fund (IMF) on various aspects of the base year revision.
Methodological Enhancements Across Sectors
The publication introduces significant modernization of estimation methodologies across all economic sectors. For the Non-Financial Private Corporate sector, the methodology now incorporates detailed use of corporate filings, LLP records, and enhanced company-level information to improve industry classification and measurement of economic activity. The financial sector coverage has been substantially expanded, while the General Government sector methodology includes expanded institutional coverage, refined treatment of pension payments, and incorporation of the value of housing facilities provided to employees. For the household sector, direct estimation from two MoSPI surveys—Annual Survey of Unincorporated Sector Enterprises (ASUSE) and Periodic Labour Force Survey (PLFS)—has been adopted after evaluating several alternative methodologies.
Expenditure-Side and Quarterly GDP Improvements
The report features major improvements in expenditure-side estimates, with Private Final Consumption Expenditure (PFCE) adopting the United Nations' Classification of Individual Consumption According to Purpose (COICOP) 2018 framework, supported by more detailed consumption data and administrative sources. Compilation methodologies for construction, agriculture, livestock, forestry, and services industries have been revised to ensure greater consistency and reflect recent economic realities. For Quarterly National Accounts, the existing benchmarking method has been replaced with the Proportional Denton approach, with increased utilization of Goods & Services Tax (GST) data and other administrative sources. The publication also includes methodology for compilation of Supply Use Tables (SUT) and guidelines for Regional Accounts.
The document serves as a comprehensive reference for policymakers, researchers, analysts, and academics, providing the statistical framework for compiling major macroeconomic aggregates including Gross Domestic Product (GDP), National Income, Private Final Consumption Expenditure (PFCE), Gross Fixed Capital Formation (GFCF), and Savings. Each chapter includes summary estimates of Gross Value Added (GVA) for 2022-23 comparing both the 2011-12 and 2022-23 series at current prices as a reference tool.