India's new GDP series: GST, corporate data drive new methodology
India's revamped GDP calculation incorporates extensive corporate filings and GST data, as revealed by the statistics ministry. This update emphasizes the integration of company-level information for a more precise estimation of private corporate sector activities. Furthermore, an innovative methodology leverages corporate filings and LLP records to enhance industry classification, while surveys…
India has introduced a new GDP series that utilizes corporate filings, goods and services tax records, and labour surveys for improved accuracy and consistency. The new methodology, released by the Ministry of Statistics and Programme Implementation (MoSPI), places greater emphasis on company-level data to estimate activity in the non-financial private corporate sector.
This shift in methodology also includes the use of corporate filings and limited liability partnership (LLP) records to improve industry classification, measure economic activity, and allocate output among companies operating across multiple segments. The new GDP series, which adopted a base year of 2022-23, was implemented in February.
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