Strengthening India’s National Accounts
Context:
The Ministry of Statistics and Programme Implementation (MoSPI) has initiated a comprehensive modernization of India's statistical system.
This overhaul is driven by the need to capture significant structural shifts in the economy
Key Initiatives and Revisions:
Base Year Revisions: To reflect contemporary economic realities, the base years for key economic indicators are being updated:
GDP (Gross Domestic Product):
The base year is being revised from 2011-12 to 2022-23.
This will account for new business models and changes in the production structure.
IIP (Index of Industrial Production):
The base year is also being aligned to 2022-23, ensuring synchronization with the new national accounts series for better comparability.
CPI (Consumer Price Index):
The base year is being revised to 2024.
This update will incorporate a new consumption basket and weighing diagrams for both rural and urban households, reflecting modern spending patterns (e.g., increased digital consumption).
Methodological Enhancements:
Informal Sector Tracking:
The government has introduced Quarterly Bulletins on Employment and Unemployment (QBUSE) to provide high-frequency data on the informal sector, filling a critical gap in employment statistics.
Granular Estimation:
There is a strategic shift towards District-level estimation.
This has been made a core design feature in major surveys like the Periodic Labour Force Survey (PLFS) and the Annual Survey of Unincorporated Sector Enterprises (ASUSE) to aid local-level policy formulation.
Digital Infrastructure & Transparency:
Data Access:
New platforms like GolStats and e-Sankhyiki have been launched to democratize access to official data.
Microdata Portal:
A revamped portal now allows researchers and policymakers to access unit-level data, fostering transparency and encouraging data-driven research.