MoSPI Releases Third Discussion Paper on New GDP Series Ahead of 2026 Base Year Revision

To guide the revision, MoSPI has constituted the Advisory Committee on National Account Statistics (ACNAS) under the chairmanship of Professor B. N. Goldar.

 

The Ministry of Statistics and Programme Implementation (MoSPI) has taken another step towards revising India’s national accounts framework by releasing the third discussion paper outlining proposed changes to the methodology of the Quarterly Gross Domestic Product (GDP) series and Sub-national Accounts.

The release forms part of the Ministry’s broader exercise to revise the base year of national accounts, a critical process aimed at improving the accuracy, relevance and analytical usefulness of macroeconomic statistics for policymaking and economic analysis.

Advisory Committee Guiding the Revision Process

To guide the revision, MoSPI has constituted the Advisory Committee on National Account Statistics (ACNAS) under the chairmanship of Professor B. N. Goldar. The committee is tasked with advising the Ministry on, among other things:

• the inclusion of new and improved data sources,

• methodological refinements in the compilation of national accounts, and

• best practices for presentation of National Accounts Statistics.

The ACNAS includes representatives from Central Ministries and Departments, State Governments, academia and research institutions, ensuring a broad-based and consultative approach.

FY 2022–23 Selected as New Base Year

MoSPI has selected financial year 2022–23 as the base year for the new national accounts series. The revised GDP and national accounts estimates under the new series are scheduled to be released on 27 February 2026.

In preparation for this transition, the Ministry has committed to transparency and stakeholder engagement by publishing a series of discussion papers to explain the proposed methodological changes and invite public feedback.

Series of Discussion Papers Released

To date, MoSPI has released three discussion papers:

• The first discussion paper, released on 21 November 2025, focused on changes in the compilation of macroeconomic aggregates using the production and income approaches.

• The second discussion paper, issued on 16 December 2025, detailed proposed improvements in the compilation of GDP using the expenditure approach.

• The third discussion paper, now released, concentrates on methodological changes to the Quarterly GDP series and Sub-national Accounts, areas critical for high-frequency economic monitoring and state-level policy analysis.

All discussion papers are available on MoSPI’s website at www.mospi.gov.in.

Call for Stakeholder Feedback

MoSPI has invited comments and feedback from a wide range of stakeholders, including:

• economists and academic experts,

• research institutions,

• central and state government bodies,

• financial institutions, and

• regular users of national accounts data.

Stakeholders may submit their inputs via email to ddg4.nad@mospi.gov.in and ddg2.nad@mospi.gov.in by 5 February 2026.

Strengthening Credibility and Policy Relevance

Officials said the revision exercise aims to ensure that India’s national accounts reflect structural changes in the economy, incorporate improved data sources, and align with international best practices, while strengthening the credibility and usefulness of GDP estimates for policy formulation, fiscal planning and economic research.

MoSPI said stakeholder engagement through discussion papers is a key part of ensuring that the revised national accounts framework is robust, transparent and widely understood ahead of its formal rollout in 2026.