MoSPI asks states to shift GSDP base year to 2022-23 for better economic data accuracy

New Delhi: The ministry of statistics and programme implementation (MoSPI) on Thursday released guidelines for compiling gross state domestic product (GSDP) with base year 2022-23, in line with revised national GDP series, to improve the accuracy, consistency and comparability of regional economic data.

Key priorities in compiling GSDP and gross state value added (GSVA) include greater data integration by incorporating administrative records, sectoral databases, and survey inputs to improve coverage and reliability. It also aims to refine estimation methodologies to better capture the changing structure of the economy, particularly emerging service and unincorporated enterprises.

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MoSPI revised the national GDP base year to 2022-23 from 2011-12 earlier this year.

"In line with this change, states and Union Territories are required to adopt the new base year for compilation of Gross State Domestic Product (GSDP), ensuring greater accuracy, consistency and comparability in assessing regional economic performance," the ministry said in a statement.

The guidelines stress on maintaining consistency between national and state-level estimates and promoting uniform and transparent methodologies across states and UTs for regional accounts statistics.

At present, 34 states and UTs compile GSDP estimates with base year 2011-12, except Lakshadweep and Dadra & Nagar Haveli and Daman & Diu.

Also Read: MoSPI proposes Index of Service Production with 2024-25 as base year

"In the new series with base year 2022-23 MoSPI is making concerted efforts to onboard all states/UTs... to ensure complete national coverage and uniformity in the compilation of regional accounts statistics," the ministry said.

To facilitate the transition, a sub-committee on regional accounts was constituted under the Advisory Committee on National Accounts Statistics, chaired by former IIM Ahmedabad professor Ravindra H Dholakia.