New GDP Series to Address IMF Concerns, Boost India's Rating: Statistics Secretary

• Statistics Secretary Saurabh Garg announced a new GDP series with a 2022-23 base year, aiming to address IMF concerns and improve India's national accounts rating.
• The new series will replace single deflation with double deflation or single extrapolation and integrate the National Accounts Framework with the Supply Use Table Framework to minimize discrepancies.
• It will incorporate annual surveys (ASUSE, PLFS) for household sector estimates, and utilize GST, e-Vahan, and PFMS data for improved accuracy and timely estimates.
• The government plans a five-year revision cycle for GDP, aligning with international norms, and is working on uniform guidelines for district-wise GDP data across states.
• Updated rates and ratios from various studies (agriculture, fisheries, milk, transport) will be used, and the integration of the Supply Use Table framework is expected to reduce discrepancies between production and expenditure approaches.