Rao Inderjit Singh, Minister of State (Independent Charge) for Statistics and Programme Implementation, confirmed the update in a written reply to the Rajya Sabha.
A 26-member Advisory Committee on National Accounts Statistics (ACNAS), chaired by economist Biswanath Goldar, will oversee the transition. The committee includes representatives from central and state governments, the Reserve Bank of India, academics, and researchers, tasked with identifying new data sources and refining statistical methodologies.
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The revision aligns with global best practices, recognising the need to update GDP calculations periodically to capture changes in consumption patterns, sectoral dynamics, and emerging industries. The revised framework will use data reflective of 2022-23, ensuring policymaking and analysis are rooted in current economic realities.
Additionally, the Ministry of Statistics and Programme Implementation (MoSPI) has implemented initiatives to strengthen India’s statistical framework. These include standardising data structures for consistent quality, leveraging administrative records for enhanced accuracy, and launching a new Economic Census to provide granular data on business activities.
From January 2025, MoSPI will release monthly estimates from the Periodic Labour Force Survey (PLFS), offering more frequent insights into employment trends. These reforms aim to make India’s statistical system more responsive and robust, ensuring policymakers and stakeholders have access to timely, high-quality data.
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Last week, Saurabh Garg, a senior official, highlighted the importance of data-driven governance while addressing challenges in survey participation, particularly in affluent urban areas. Enhanced engagement and uniform data collection remain central to India’s strategy for improving its statistical systems.
