India's MoSPI Updates GSDP Base Year to 2022-23 for Enhanced Economic Data Accuracy
MoSPI asks states to shift GSDP base year to 2022-23 for better economic data accuracy
The Economic Times
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The Ministry of Statistics and Programme Implementation (MoSPI) in India has mandated states and Union Territories to update their Gross State Domestic Product (GSDP) base year to 2022-23. This change aims to align regional economic data with the revised national GDP series, enhancing accuracy and comparability.
- 01MoSPI has revised the GSDP base year to 2022-23 to improve economic data accuracy.
- 02The update aligns with the national GDP series, which was also changed to 2022-23.
- 03States and Union Territories are required to adopt this new base year for GSDP compilation.
- 04The guidelines emphasize data integration and refined estimation methodologies.
- 05A sub-committee has been formed to facilitate the transition and ensure uniformity across states.
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The Ministry of Statistics and Programme Implementation (MoSPI) in India has released new guidelines requiring states and Union Territories to shift their Gross State Domestic Product (GSDP) base year to 2022-23. This revision aligns with the national GDP series, which was updated earlier this year from 2011-12 to 2022-23. The primary goal of this change is to enhance the accuracy, consistency, and comparability of regional economic data. Key priorities outlined in the guidelines include improving data integration by utilizing administrative records, sectoral databases, and survey inputs. The ministry aims to refine estimation methodologies to better reflect the evolving economic landscape, particularly in service sectors and unincorporated enterprises. Currently, 34 states and Union Territories compile GSDP estimates using the previous base year, with exceptions for Lakshadweep and Dadra & Nagar Haveli and Daman & Diu. To support this transition, MoSPI has established a sub-committee on regional accounts under the Advisory Committee on National Accounts Statistics, chaired by former IIM Ahmedabad professor Ravindra H Dholakia.
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This change will lead to more accurate economic assessments, which could influence state-level budgeting and planning, ultimately affecting local economies and public services.
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