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Informist, Wednesday, Feb. 18, 2026

--MoSPI releases panel's report on changes in FY23 National Accounts series 

MUMBAI – The Ministry of Statistics and Programme Implementation Wednesday released the report of the subcommittee on methodological improvements in the compilation of national accounts on the new GDP series with 2022-23 (Apr-Mar) as the base year.

On Feb. 27, the ministry will release GDP data for the December quarter and the second advance estimate for FY26 based on the new series. India's GDP grew 8.2% in the September quarter and the government's first advance estimate placed FY26 GDP growth at 7.4%.

The statistics ministry had constituted an Advisory Committee on National Accounts Statistics under the chairmanship of economist Bishwanath Goldar. Under the advisory committee, five subcommittees were set up, including one for methodological improvements.

The terms of reference of the subcommittee on methodological improvements included advising on the methodology for seasonal adjustment of quarterly national accounts and back series. The panel was also tasked with advising on estimation of different macroeconomic indicators related to specific segments of the economy.

The advisory committee suggested that efforts be made to compile a seasonally adjusted quarterly GDP series in the new series. The subcommittee found that a seasonally adjusted GDP series would be feasible once data for at least five years become available, or if a sufficiently long-time series is generated through back-casting. "Once time series data become available, experimental seasonally adjusted series can be compiled and examined," it said in its report.

The FY23 GDP series will use data from new sources such as goods and services tax filings, e-Vahan data, Public Financial Management System, and payment transactions. It will also use the internationally recommended Denton-proportional benchmarking method to compile quarterly national accounts data as against the pro-rata method used in the FY12 series, as per the report.

"In the new series, estimation of household sector has been improved through use of Annual Survey of Unincorporated Sector Enterprises and Periodic Labour Force Survey on annual basis instead of indicator-based extrapolation approach followed in the 2011-12 series," the statistics ministry said. "This ensures that household sector, which has a significant share in the economy, is directly estimated each year."  End

Reported by Shubham Rana

Edited by Rajeev Pai

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