New GDP series reflects better data, methods: MoSPI
The Ministry of Statistics and Programme Implementation defends its new GDP series methodology. Double deflation is presented as a methodological improvement for better value addition measurement. Revisions reflect improved data sources and structural changes in the Indian economy. New data sources and administrative datasets are continuously incorporated for better estimates. Future plans…
The Ministry of Statistics and Programme Implementation (MoSPI) clarified the revised gross domestic product (GDP) series, attributing the improvements to better data sources and enhanced methodology. MoSPI secretary Saurabh Garg explained that the new GDP estimates reflect changes in the Indian economy's structure. He defended the use of double deflation in the new series, emphasizing it is a methodological improvement to better capture real value addition, not a tool to inflate GDP growth.
Former finance secretary Subhash Garg expressed concerns over the April-June 2025 nominal GDP revision, but MoSPI maintains that the focus is on refining data sources, higher-frequency indicators, price statistics, coverage, classifications, and estimation techniques. The next major change will be transitioning to the System of National Accounts (SNA) 2025, with some states expected to adopt the new base year by year-end.
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