“Sources and Methods” for the new National Accounts series (base 2022-23) released
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On 21 September 2026 MoSPI released “Sources and Methods for Compilation of National Accounts Statistics” for the new series with base year 2022-23. The series, India’s eighth base-year revision, replaced the 2011-12 series on 27 February 2026 and was updated on 31 August 2026. The book explains the data, methods and concepts behind GDP.
- Released
- 21 Sep 2026, MoSPI
- New base year
- 2022-23 (replaces 2011-12)
- Revision
- eighth base-year revision
- Series released
- 27 Feb 2026; updated 31 Aug 2026
- Advisory body
- ACNAS, set up 27 June 2024
- ACNAS chair
- Prof B.N. Goldar
The new National Accounts series: what happened?
GDP is only as good as the data and methods behind it. Every few years the base year is moved forward so that the numbers reflect today’s economy. MoSPI has now published the full manual for the new series, seven months after its release.
- MoSPI released the publication “Sources and Methods for Compilation of National Accounts Statistics”.
- It sets out concepts, definitions, data sources and methods used for GDP, National Income, PFCE, GFCF and Savings.
- Each chapter gives GVA for 2022-23 under both the 2011-12 and 2022-23 series at current prices; no new data is added.
Who advised on the new series?
- MoSPI set up the Advisory Committee on National Accounts Statistics (ACNAS) on 27 June 2024, chaired by Prof B.N. Goldar.
- ACNAS held nine rounds of meetings; its sub-committees held more than 35 rounds.
- Three Data User Conferences were held: Mumbai (26 November 2025), New Delhi (23 December 2025) and Chennai (30 January 2026).
- MoSPI also consulted the International Monetary Fund.
What were the four sub-committees?
| Sub-committee | Chair |
|---|---|
| New Data Sources, Rates and Ratios | Manish Kumar Sinha, CEO, GSTN |
| Methodological Improvement | Dr G.C. Manna |
| Constant Price Estimates | Prof B.N. Goldar |
| Regional Accounts | Prof R.H. Dholakia |
What has changed in the methods?
| Area | Change |
|---|---|
| Private companies (NFPC) | more use of corporate filings, LLP records and company-level data |
| Financial sector | much wider data coverage |
| Government | wider coverage of institutions; better treatment of pensions; value of staff housing added |
| Households | direct estimates from two surveys: ASUSE and PLFS |
| Consumption (PFCE) | UN COICOP 2018 classification |
| Quarterly GDP | Proportional Denton method; more GST and administrative data |
How did the base revision happen?
- ACNAS set up on 27 June 2024
- Four sub-committees study data and methods
- Three discussion papers and three Data User Conferences
- New series released on 27 February 2026
- Updated on 31 August 2026 for new PPI and IIP
- Sources and Methods published on 21 September 2026
Why does the new National Accounts series matter?
| Angle | What to note |
|---|---|
| Data quality | Newer sources such as GST data, ASUSE and PLFS capture today’s economy better. |
| Transparency | A public manual lets users check how GDP is built. |
| Policy | Better GDP data means better budgeting and monetary policy. |
| Global standards | Follows the latest UN standards; IMF consulted. |
| States | Guidelines for GSDP (Regional Accounts) improve State data. |
What are the challenges in the new National Accounts series?
- Old and new series differ, so comparisons over time need care; the book gives both for 2022-23 as a ready reckoner.
- The household sector, large and informal, still depends on survey quality.
- Quarterly estimates lean on GST and administrative data, which can be revised.
What should be done next on the new National Accounts series?
- Release back-series so long-term trends can be studied.
- Keep surveys like ASUSE and PLFS regular and timely.
- Help States adopt the new GSDP guidelines.
What can Prelims ask on the new National Accounts series?
- New National Accounts base year: 2022-23 (old: 2011-12).
- Eighth base-year revision of India’s National Accounts.
- ACNAS chaired by Prof B.N. Goldar; set up 27 June 2024.
- PFCE now follows UN COICOP 2018.
- Quarterly GDP uses the Proportional Denton approach.
- Household sector estimates use ASUSE and PLFS.
How to write about the new National Accounts series in Mains
Practice question (10 marks, 150 words): Why does India periodically revise the base year of its National Accounts? Discuss the key changes in the 2022-23 series.
- Intro: base year 2022-23, eighth revision.
- Why revise: structure of economy, new data.
- Key changes: NFPC, households, PFCE, quarterly GDP.
- Process: ACNAS, consultations, IMF.
- Conclude: transparency and comparability.
How to use this in Mains
- As per PIB (2026-09-21): moSPI released "Sources and Methods for Compilation of National Accounts Statistics" for the new series with base year 2022-23.
- GDP base year and methodology are Prelims favourites.
Quotable data pointThe new series was released on 27 Feb 2026 and updated on 31 Aug 2026 for the new PPI and IIP; it replaces the 2011-12 series and is the eighth base revision.
PIB: MoSPI: Sources and Methods for Compilation of National Accounts Statistics, 21 Sep 2026
Exam angle
Prelims: new GDP base year; PPI replacing WPI as deflator (check text).
Practice MCQs
Original practice questions (not PYQs).
The new series of National Accounts Statistics released in 2026 has the base year
Answer (c) & explanation
MoSPI, 21 Sep 2026.
Which method is now used to benchmark quarterly GDP estimates?
Answer (b) & explanation
MoSPI, 21 Sep 2026.
Household sector estimates in the new series come directly from
Answer (b) & explanation
MoSPI, 21 Sep 2026.
Questions students ask about this
What is the new base year for India's GDP?
2022-23. It replaced 2011-12 in the series released on 27 February 2026.
What is ACNAS?
The Advisory Committee on National Accounts Statistics, set up by MoSPI on 27 June 2024 under Prof B.N. Goldar.
How many base-year revisions has India done?
The 2022-23 series is the eighth.
What is COICOP?
The UN Classification of Individual Consumption According to Purpose; PFCE now uses its 2018 version.
Keep studying
Go deeper
Official source: PIB: MoSPI: Sources and Methods for Compilation of National Accounts Statistics, 21 Sep 2026
facts from cited sources only; faculty review pending