GDP base revision to take care of IMF concerns and ‘C’ grade
MOSPI addressing issues related to the base year, double deflation and statistical discrepancies, working to meet SNA25 requirements
- Dec 23, 2025,
- Updated Dec 23, 2025 1:03 PM IST
The government on Tuesday said the revision of the gross domestic product (GDP) base will take care of the concerns raised by the International Monetary Fund, which gave India’s national accounts a ‘C’ rating.
The Ministry of Statistics and Programme Implementation (MOSPI) is also working to meet the requirements of System of National Accounts 2025, to which countries will begin to transition by 2030, said Saurabh Garg, Secretary, MOSPI.
The new GDP series with a base year of 2022-23 with updated data sources will be released on February 27 and will take care of the IMF’s concerns over the base year, double deflation and statistical discrepancies, said NK Santoshi, Director General (Central Statistics), MOSPI.
Addressing the pre-release consultative workshop on base revision for CPI, IIP and GDP, Garg said issues around measuring the informal economy in the national accounts will be taken care of, with the MOSPI now conducting annual as well as quarterly surveys of unincorporated enterprises.
Double deflation will also be used in most areas and single deflation will not be used in any sector. MOSPI is also in touch with the Department for Promotion of Industry and Internal Trade, which is working on a Producer Price Index as well as a Services Price Index.
“We now have a lot of real-time data available, for example, through GST, through PFMS, and that helps us to have better triangulation of data, which is available from surveys and others. And we’ll ensure that we are able to take care of that, and that will also help in the state domestic product,” Garg further said, adding that the ministry will also be holding capacity building workshops with the state governments later for better estimation of gross state domestic product.
On discrepancies, Garg said that supply use tables will now be integrated with the national accounts framework and periodic input output tables will also be brought out.
“I just want to mention that the data that we use comes from a variety of sources, and all of it is available in the public domain. So it would be incorrect for anyone to allude to any issues regarding the quality of the data in the past and in the future,” he underlined.
The ministry will also be starting the annual survey of service sector enterprises in the next few weeks.
The government on Tuesday said the revision of the gross domestic product (GDP) base will take care of the concerns raised by the International Monetary Fund, which gave India’s national accounts a ‘C’ rating.
The Ministry of Statistics and Programme Implementation (MOSPI) is also working to meet the requirements of System of National Accounts 2025, to which countries will begin to transition by 2030, said Saurabh Garg, Secretary, MOSPI.
The new GDP series with a base year of 2022-23 with updated data sources will be released on February 27 and will take care of the IMF’s concerns over the base year, double deflation and statistical discrepancies, said NK Santoshi, Director General (Central Statistics), MOSPI.
Addressing the pre-release consultative workshop on base revision for CPI, IIP and GDP, Garg said issues around measuring the informal economy in the national accounts will be taken care of, with the MOSPI now conducting annual as well as quarterly surveys of unincorporated enterprises.
Double deflation will also be used in most areas and single deflation will not be used in any sector. MOSPI is also in touch with the Department for Promotion of Industry and Internal Trade, which is working on a Producer Price Index as well as a Services Price Index.
“We now have a lot of real-time data available, for example, through GST, through PFMS, and that helps us to have better triangulation of data, which is available from surveys and others. And we’ll ensure that we are able to take care of that, and that will also help in the state domestic product,” Garg further said, adding that the ministry will also be holding capacity building workshops with the state governments later for better estimation of gross state domestic product.
On discrepancies, Garg said that supply use tables will now be integrated with the national accounts framework and periodic input output tables will also be brought out.
“I just want to mention that the data that we use comes from a variety of sources, and all of it is available in the public domain. So it would be incorrect for anyone to allude to any issues regarding the quality of the data in the past and in the future,” he underlined.
The ministry will also be starting the annual survey of service sector enterprises in the next few weeks.