MoSPI Revises Constant Price Estimates Framework

The Ministry of Statistics and Programme Implementation is revising the base year of National Accounts to FY 2022–23. As part of the new series, an Advisory Committee on National Account Statistics was set up under Prof. B.N. Goldar to recommend methodology and data sources for compilation and presentation of National Accounts Statistics. The new GDP series is scheduled for release on 27 February 2026. A report on constant price estimates has now been released to inform users about the changes in the revised series.

New Base Year and Committee Structure

The committee identified FY 2022–23 as the new base year. It also formed five sub-committees to examine specific areas of national accounts work. These include new data sources, rates and ratios, methodological improvements, constant price estimates, regional accounts, and the SNA 2025 update.

Focus of Constant Price Estimates

The report deals with the compilation of constant price, or real, estimates for both production-side and expenditure-side aggregates of national accounts. It summarises the main issues discussed by the sub-committee and the recommendations that emerged from those deliberations.

Shift in Deflation Methodology

The new GDP series moves away from reliance on a single deflator. It adopts a more robust framework that includes:

• Double deflation for several manufacturing industries, where output and intermediate consumption are separately deflated.
• Volume extrapolation and single extrapolation where double deflation is not feasible because of data limits.
• Greater use of specific and disaggregated deflators instead of broad aggregate price indices.
• Commodity-group level Unit Value Indices for exports and imports.

Updated Price Indices and National Accounts Alignment

The revised framework uses updated series of CPI with base 2024, UVI with base 2022–23, and WPI with base 2022–23, or PPI where available. The changes are intended to improve the measurement of Gross Value Added and strengthen consistency between Annual National Accounts and Quarterly National Accounts through better alignment of deflators and volume indicators.