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The Ministry of Statistics and Programme Implementation released the 'National Accounts Statistics - 2026' publication, compiled on the new base year 2022-23.
It presents a set of sixty statements covering updated Final Estimates for 2022-23 and 2023-24, First Revised Estimates for 2024-25, and updated Provisional Estimates and quarterly estimates for 2025-26.
The estimates now use the new series of output Producer Price Index, Index of Industrial Production and Banking Services Price Index, all with base year 2022-23, released in June 2026.
Because the PPI has replaced the older WPI as a price input, GDP figures from 2022-23 onwards have been revised at both current and constant prices.
On the updated numbers, real GDP growth for 2025-26 (Provisional Estimates) rises to 7.8% from 7.7%, while current-price growth is revised down to 8.6% from 8.9%.
Gross Value Added measures output minus intermediate consumption, valued at basic prices — what producers actually receive. Gross Domestic Product at market prices is what buyers pay, so it adds the taxes levied on products and subtracts the subsidies given on them: GDP = GVA at basic prices + product taxes - product subsidies. The two therefore move apart whenever indirect tax collection or subsidy payout changes sharply, even with no change in real production. That is why India's official releases quote both, and why a question can ask which of the two better reflects the supply side of the economy. GVA does, because it is unaffected by tax and subsidy policy; GDP is the demand-side and headline measure.
Simple Analogy: GVA is the price the factory gets for a shirt; GDP is the price on the shop tag after GST is added and any subsidy is knocked off.
Constant-price ('real') estimates value today's output at the prices of a chosen base year, so the base year fixes both the price set and the weights each activity carries. Over time the economy's structure drifts away from those weights and the price relationships go stale, so the base is periodically shifted forward — here from 2011-12 to 2022-23, which MoSPI selected as a recent post-COVID normal year with comprehensive data. A revision does not merely rescale the series: because the deflators and source indicators change too, the growth rates themselves move. In this publication the shift from the WPI to the new PPI as a deflator is the single biggest driver of the constant-price revisions, and it does not push all sectors the same way — mining and quarrying moved because of the new IIP built on the Indian Bureau of Mines' revised index of mineral production, while manufacturing and trade services moved because the PPI maps prices to activities better than the WPI did.
Simple Analogy: Measuring this year's shopping basket in 2011 prices tells you less and less as time passes — the basket now holds things that barely existed then. Re-pricing it in 2022-23 rupees does not change what you bought, but it changes the number you report.
Measure price change as received by domestic producers, for use as a deflator in the national accounts
Key: Released in June 2026. Its commodity basket added emerging items and dropped obsolete ones carried over from the old WPI series, and its broader coverage and updated weights map price measures to national-accounts activities more accurately. It now substitutes for the WPI as a price input
Track volume of industrial production across mining, manufacturing and electricity
Key: The new series covers more items and quotations and uses PPI in place of WPI as one of its price-related inputs. Its mining component rests on the Indian Bureau of Mines' revised index of mineral production
Measure price change in banking services so that their real volume can be estimated
Key: A new index that allows compilation of growth in the actual physical volume and transactional activity of banking services over time — previously a hard-to-deflate service
Reconcile, for each product, total supply from domestic production and imports against total use in intermediate consumption, final consumption, capital formation and exports
Key: SUTs for 2022-23 and 2023-24 have been updated and published with a Methodological Note; they are the internal consistency check that binds the production, income and expenditure approaches to GDP together
Nodal ministry for India's official statistics; publishes the National Accounts Statistics, quarterly and annual GDP estimates, CPI, IIP and PPI
The statistical wing within MoSPI that compiles national accounts and conducts large-scale surveys; formed by merging the Central Statistics Office with the National Sample Survey Office
Compiles the index of mineral production whose revised base feeds the new IIP mining series — the reason the mining and quarrying GVA estimate moved
The WPI measures prices at the wholesale transaction stage and excludes services; a PPI measures prices as received by producers and can cover services. Moving national accounts deflation from WPI to PPI is a long-standing recommendation, and it is the mechanism behind most of the constant-price revisions in this publication.
Current-price GVA revisions here came mainly from General Government and Departmental Enterprises, through updated Net Fixed Capital Stock and Consumption of Fixed Capital — that is, depreciation. Subtracting CFC from a gross aggregate gives the net one, which is how GDP becomes NDP and GNI becomes NNI.
Statement 2 of the publication covers per capita income, product and final consumption. Per capita income is conventionally quoted as Net National Income divided by mid-year population — a net, not gross, measure, which is a frequent trap.
GFCF, reported in the publication by asset type and institutional sector, is the investment measure watched as a share of GDP; it excludes changes in stock, which is what separates it from Gross Capital Formation.
Statement 17 classifies general government expenditure by function using COFOG, the international Classification of the Functions of Government — an example of India's accounts aligning with the UN System of National Accounts framework.
GS Paper 3 > Indian Economy > Growth, Development and National Income Accounting
General Awareness > Indian Economy > National Income and Official Statistics
General Awareness > Indian Economy > National Income
General Awareness > Indian Economy
In India, which one of the following compiles information on industrial disputes, closures, retrenchments and lay-offs in factories employing workers?
Answer: Labour Bureau
National income concepts and base year revisions are perennial in banking general awareness and appear regularly in UPSC Prelims economy questions.
MoSPI's annual consolidated volume of detailed national income, production, expenditure, savings and capital formation estimates.
An index of prices as received by domestic producers, used as a deflator; the 2022-23 series has replaced the WPI as a price input to the national accounts.
A new index with base 2022-23 that allows real growth in banking services volume and transactional activity to be measured.
A matrix reconciling total supply of each product against its total use, used to balance the production, income and expenditure estimates of GDP.
The revision of a year's national accounts released about a year after the Provisional Estimates, using fuller data; followed by Second and Third Revised Estimates.
The national-accounts term for depreciation; subtracting it converts a gross aggregate such as GDP into the corresponding net aggregate.