GDP Series
India's new GDP series will include GST, Vaahan, other administrative data
This story was originally published at 09:03 IST on 21 March 2025
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NEW DELHI – The new GDP series, which will be introduced in February next year, will use goods and services tax data, vehicle registration data from Vaahan, and other administrative data for improved estimates. The new series will also incorporate estimates based on Annual Survey of Unincorporated Sector Enterprises and Periodic Labour Force Survey to improve estimates of household sector, the statistics ministry has informed the Parliamentary Standing Committee On Finance.
The statistics ministry in currently working on a new GDP series, which will have 2022-23 (Apr-Mar) as the base year from the current FY12. "The base revision is aimed to capture the structural changes in the economy and improve the data sources and methodology of National Accounts Statistics compilation," the statistics ministry told the Parliamentary Standing Committee.
The ministry had formed an Advisory Committee on National Accounts Statistics in June to guide the base revision of GDP. As per recommendations made by the committee on national accounts, the government has decided that various rates or ratios used in estimates will also be updated as per results from various studies awarded by National Accounts Division such as for construction sector to Construction Industry Development Council, and for milk and milk products to National Dairy Research Institute.
The statistics ministry has also initiated dialogues with stakeholders such as other central government ministries, state Directorate of Economics and Statistics, and researches to provide additional datasets. The statistics ministry last updated the GDP series in early 2015, when it revised the base year to FY12 from FY05. The revision of the GDP series, which also involved changes to the computation methodology, led to questions from several quarters about the data's accuracy as the economy's growth rate rose significantly under the new series.
The statistics ministry will also undertake new surveys on Domestic Tourism Expenditure Survey, National Household Travel Survey and Health Surveys. The new surveys on Domestic Tourism Survey, requested by the Ministry of Tourism, and the National Household Travel Survey, requested by the Ministry of Railways, will commence on Jul. 1. End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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