**Executive Summary**
The Ministry of Statistics and Programme Implementation (MoSPI) is releasing the report of the 'Sub-Committee for Constant Price Estimates' for the 2022-23 series of National Accounts. This report details the methodology for compiling constant price estimates for production-side and expenditure-side aggregates. The new series (Base: 2022-23) is scheduled for release on February 27th, 2026.
**Key Points / Main Content**
* **Revision of National Accounts:**
* MoSPI is revising the base year of National Accounts to FY 2022-23.
* An Advisory Committee on National Account Statistics (ACNAS) was formed to suggest methodology and new data sources.
* The Committee constituted five Sub-committees.
* **Methodological Improvements in the New GDP Series:**
* A calibrated shift has been undertaken towards an improved and conceptually robust approach in the new GDP series.
* **Transition to Double Deflation and Volume/Single Extrapolation:** Double deflation is adopted for various industries under the manufacturing sector to improve GVA measurement. Volume or single extrapolation is applied where double deflation is not feasible.
* **Use of Specific and Disaggregated Deflators:** Price indices and indicators at a granular level are considered.
* **Updated series of Deflator:** New series of CPI (Base = 2024), UVI (Base: 2022-23), and updated series of WPI (Base: 2022-23) or PPI (when available) will be used.
* **Goal of Revised Framework:**
* The revised constant price framework ensures improved alignment between Annual National Accounts (ANA) and Quarterly National Accounts (QNA).
* **Report Availability**
* The report is available on the MoSPI website (www.mospi.gov.in).
**Impact Analysis**
**Stakeholder: Users of National Accounts Statistics**
* **Impact**: Users will be better informed about the changes in methodology for compiling constant price estimates in the new series of national accounts.
* **Action Required**: Review the report to understand the changes and their implications for analysis and interpretation of national accounts data.
Key Entities Referenced
Ministry of Statistics and Programme Implementation (MoSPI): Primary regulator and agency responsible for revising the base year of National Accounts.
National Accounts: Subject of the revisions described in the report, aiming to update the base year and improve methodologies.
Advisory Committee on National Account Statistics (ACNAS): Committee constituted to suggest methodology for compilation and presentation of National Accounts Statistics.
Sub-Committee for Constant Price Estimates: Sub-committee whose report is being released, focusing on constant price estimates methodology.
Ministry of Statistics & Programme Implementation
Release of Report of the ‘Sub-Committee for
Constant Price Estimates' for the 2022-23 series
of National Accounts
Posted On: 20 FEB 2026 5:37PM by PIB Delhi
The Ministry of Statistics and Programme Implementation (MoSPI) is in the process of revising the base
year of National Accounts to FY 2022–23. In this direction, an Advisory Committee on National Account
Statistics (ACNAS) under the chairmanship of Prof. B.N. Goldar was constituted to suggest methodology
including new data sources for compilation and presentation of National Accounts Statistics for the new
series. The Committee decided the FY 2022-23 as the new base year and constituted five Sub-committees
to deliberate in detail on specific subject areas:
i. Sub-Committee for Incorporation of New Data Sources, Rates and Ratios
ii. Sub-Committee for Methodological Improvements
iii. Sub-Committee for Constant Price Estimates
iv. Sub Committee on Regional Accounts
v. Sub-Committee for SNA 2025 Update
The new series (Base: 2022–23) is scheduled to be released on 27th February, 2026. To apprise users
about the changes being made in the new series of national accounts, the Ministry is releasing the reports
of the Sub-Committees. The Report of the Sub-Committee on Methodological Improvements, was
released on 18th February, 2026 and available on the official website of MoSPI (www.mospi.gov.in).
Now, the Report of Sub-Committee for Constant Price Estimates is being released. The report focuses
on the methodology for the compilation of constant price (real) estimates for production-side and
expenditure-side aggregates of National Accounts. It encapsulates key issues deliberated during various
meetings and the recommendations emerged from the in-depth discussion.
In the new GDP series, moving away from single deflator, a calibrated shift has been undertaken towards
improved and conceptually robust approach, which includes:
a. Transition to Double Deflation and Volume/Single Extrapolation:
Double deflation is adopted for various industries under the manufacturing sector. Under the
double deflation, output and intermediate consumption are separately deflated by concerned
price indices to derive Value Added at constant prices. This will improve measurement of
GVA. Wherever double deflation is not feasible due to data constraint, the Volume
extrapolation and Single extrapolation is applied through reliable indicators.
b. Use of Specific and Disaggregated Deflators:
The price Indices and Indicators at granular level rather than the broad level is considered
while compiling the constant price estimates in the new series. For example, Unit Value Indices
(UVI) at commodity-group level rather than the aggregate level are used for the constant priceestimates of export and import of goods.
c. Updated series of Deflator:
New series of CPI (Base = 2024) and UVI (Base: 2022-23) are considered in the new series.
Also, the updated series of WPI (Base: 2022-23) or PPI, whenever available, will be used in
the new series.
The revised constant price framework ensures improved alignment between Annual National Accounts
(ANA) and Quarterly National Accounts (QNA) in terms of deflators and volume indicators, thereby
enhancing consistency.
The Report is available on the website of MoSPI (www.mospi.gov.in).
***
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