"MoSPI Releases Methodology Document for New GDP Series"
Base year
the reference year against which real GDP growth and price changes are measured.
COICOP 2018
UN classification system for categorising household consumption expenditure by purpose.
India's national accounts have gone through periodic base-year revisions since 1948-49 to keep GDP estimates aligned with how the economy is actually structured and with international statistical standards. The previous base year was 2011-12; the current revision moves the base to 2022-23 and is the eighth base-year revision of India's National Accounts Statistics. Base-year revisions are the job of the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI), which is not the only agency compiling economic statistics: other specialised bodies handle other indicators, for instance the Labour Bureau publishes the Consumer Price Index for Industrial Workers (CPI-IW) and data on industrial disputes and lay-offs. India's official statistical architecture is thus distributed across several dedicated agencies rather than centralised in one office, and knowing which body owns which statistic is itself a recurring theme in how this subject is examined.
To carry out the 2022-23 revision, MoSPI set up the Advisory Committee on National Accounts Statistics (ACNAS), chaired by Professor B.N. Goldar, backed by four sub-committees covering new data sources, methodological improvement, constant-price estimation, and regional accounts. The committee held extended consultations with central and state departments, academia, NITI Aayog, and the International Monetary Fund (IMF), followed by public Data User Conferences, before finalising the methodology now compiled in the "Sources and Methods for Compilation of National Accounts Statistics" publication.
National income can be measured in three ways: the product method (aggregating value added across sectors), the income method (summing factor payments to households), and the expenditure method (summing spending on final goods and services). Each traces the same circular flow between households and firms from a different side, and all three should, in principle, arrive at the same aggregate. Measuring this accurately for India is complicated by its large unincorporated and informal sector, where continuous, unit-level data has traditionally been scarce, forcing statisticians to project informal output forward using old base-year ratios rather than measuring it directly.
The 2022-23 series moves away from this projection approach. Household-sector output is now estimated directly from two of MoSPI's own recurring surveys, the Annual Survey of Unincorporated Sector Enterprises (ASUSE) and the Periodic Labour Force Survey (PLFS), rather than being scaled up from a distant base year. …
In India, which one of the following compiles information on industrial disputes, closures, retrenchments and lay-offs in factories employing workers?
Which of the following brings out the 'Consumer Price Index Number for Industrial Workers'?
Consider the following statements about the New Series of National Accounts Statistics of India:
1.It uses 2022-23 as the base year.
2.It is the eighth base-year revision of India's National Accounts Statistics.
3.It replaces the series with base year 2011-12.
How many of the above statements are correct?
Match List-I (Component of National Accounts) with List-II (Methodology adopted in the 2022-23 base series) and select the correct answer using the code given below:
List-I
A.Household sector output
B.Private Final Consumption Expenditure classification
C.Quarterly GDP compilation
D.Non-Financial Private Corporations sector
List-II
1.COICOP 2018 framework
2.Proportional Denton method
3.Direct estimation from ASUSE and PLFS
4.Corporate filings and LLP records
Which of the following organisations is primarily responsible for compiling India's National Accounts Statistics, including GDP?
Consider the following pairs:
1.National Accounts Statistics (GDP) — National Statistical Office
2.Consumer Price Index for Industrial Workers — Labour Bureau
3.Wholesale Price Index — Department for Promotion of Industry and Internal Trade
How many of the above pairs are correctly matched?
The 'Proportional Denton method', recently adopted for India's Quarterly GDP compilation, is primarily used to:
Want the full note, Prelims Facts & MCQ answers?
Create a free account — takes less than a minute.
Create free account