Uniform Guidelines for Gross State Value Added (GSVA) Compilation
The National Statistics Office (NSO) has introduced uniform guidelines for compiling Gross State Value Added (GSVA) using 2022–23 as the new base year. This change aims to enhance the accuracy, comparability, and alignment of state-level economic estimates with the current economic structure.
Current and New Base Year
- Currently, 34 states and Union Territories (UTs) use the 2011–12 base year for Gross State Domestic Product (GSDP) estimates.
- Exception: Lakshadweep and Dadra and Nagar Haveli and Daman and Diu.
- The new base year, 2022–23, aims for complete national coverage and uniformity in Regional Accounts Statistics compilation.
Major Methodological Changes
- New Methods: Moves away from single-deflation methods to revaluation, double deflation, and volume extrapolation for constant-price estimates.
- Sector Standardization: The revised framework standardizes treatment across sectors like agriculture, mining, manufacturing, construction, electricity, transport, financial services, and public administration.
Data Sources and Estimation
The revised GSVA framework relies more on administrative and survey data, employing sources such as:
- Goods and Services Tax
- Public Financial Management System
- Annual Survey of Industries
- Annual Survey of Unincorporated Sector Enterprises (ASUSE)
- Periodic Labour Force Survey (PLFS)
- Household Consumption Expenditure Survey
Sector-Specific Changes
- Plantation Activities: Now uses dynamic, state-specific cost structures sourced annually from the National Bank for Agriculture and Rural Development.
- Unincorporated Sector: Estimated annually due to the shift of ASUSE and PLFS to annual releases.
Objective
- Ensure greater accuracy, consistency, and comparability in assessing regional economic performance with the new base year adoption for GSDP compilation.
