New Delhi, February 26 The new series of Gross Domestic Product (GDP) with the 2022-23 base year will include data on goods and services tax, e-Vahan, and household services provided by cooks, drivers, and domestic help, to make economic data more accurate.
The GDP data for the third quarter (October-December 2025), based on the new series, will be released on Friday.
According to the FAQ on the new series by MoSPI, the base year is updated periodically to reflect the changes that have occurred in the economy over the years.
The base year for national accounts is being revised from 2011-12 to 2022-23.
Although the Ministry of Statistics and Programme Implementation (MoSPI) revises data series every five years, this has not been possible earlier due to the Covid pandemic and the implementation of GST.
It further stated that the back series data is expected to be released by December 2026.
In the new series, actual level estimates are being prepared using regular annual surveys such as the Annual Survey of Unincorporated Sector Enterprise (ASUSE) and the Periodic Labour Force Survey (PLFS). These surveys will measure the dynamism in the household sector more accurately and regularly.
Data from GST will be used to estimate private corporate sector spending across states, as well as for cross-validation in annual accounts.
According to the FAQ, data from the e-Vahan portal will be used to estimate Private Final Consumption Expenditure (PFCE) related to road transport services.
The contribution of hired domestic workers (such as cooks, drivers, and persons who clean households) by households will be included in the estimation of GDP.
In the new series, single deflation has been completely eliminated. In fact, double deflation will be applied in sectors such as manufacturing and agriculture.
These changes are expected to improve the accuracy and reliability of the GDP deflators in the new series.
The revision of the base year for the Wholesale Price Index (WPI) is still in progress. Until the updated WPI becomes available, the existing WPI will continue to be used as a deflator.
The method of using the WPI has changed in the new series compared to the old series. In the new series, the WPI is used at a granular level.
