“Sources and Methods for Compilation of National Accounts Statistics”
The Ministry of Statistics and Programme Implementation released the publication "Sources and Methods for Compilation of National Accounts Statistics," detailing concepts, definitions, and methodologies adopted in the New Series of National Accounts Statistics with base year 2022-23. The publication covers the modernization of estimation methodologies across corporate, financial, government, and household sectors, incorporating recommendations from the Advisory Committee on National Accounts Statistics and its four sub-committees.
Why It Matters
Important for UPSC, banking, and state-PSC exams covering Indian economy, macroeconomic aggregates like GDP and GVA, and national statistical systems.
In Simple Words
The Ministry of Statistics and Programme Implementation (MoSPI) has released a publication titled "Sources and Methods for Compilation of National Accounts Statistics." This document outlines the concepts, data sources, and methodologies used for the New Series of National Accounts Statistics with the base year 2022-23, which replaces the older 2011-12 series.
The publication highlights the modernization of estimation methods for corporate, financial, government, and household sectors. It also includes recommendations from the Advisory Committee on National Accounts Statistics (ACNAS) and its sub-committees, covering improvements in expenditure-side estimates, quarterly GDP compilation using the Proportional Denton approach, and the integration of administrative data like GST.
Key Points
- New Series of National Accounts Statistics has base year 2022-23.
- Publication released by MoSPI is titled "Sources and Methods for Compilation of National Accounts Statistics."
- Advisory Committee on National Accounts Statistics (ACNAS) was chaired by Professor B.N. Goldar.
- ACNAS was constituted on 27th June 2024 and held nine rounds of meetings.
- Four sub-committees were formed under ACNAS covering new data sources, methodological improvement, constant price estimates, and regional accounts.
- Household sector estimation adopted direct surveys from ASUSE and PLFS.
- Quarterly National Accounts replaced existing benchmarking with the Proportional Denton approach.
- Publication includes compilation methodologies for GDP, National Income, PFCE, GFCF, and Savings.
Exam Angle
A. Professor B.N. Goldar
Source: Press Information Bureau