Status and Compilation Issues in National Accounts Statistics: A Short Summary
Publication dateJul, 2023
DetailsNIPFP Working Paper No. 397
AuthorsAmey Sapre and Vaishali Bhardwaj
This paper is a summary of the status and compilation issues in the National Accounts. In addition to a brief summary of the sources and methods of estimation, the paper covers the set of issues that have emerged with the 2011-12 series of national accounts after it was introduced in 2015. Some of the key measurement issues are in the manufacturing sector, particularly after the introduction of the MCA21 database. A summary of issues with the expenditure side estimates and regional accounts are also presented. While the focus is largely on the estimates of aggregate value added, a comprehensive analysis is also needed for other macro-aggregates, such as consumption expenditure, savings, capital formation, input-output transaction tables and transactions of the public sector. Given the present compilation of national accounts, major macro-indicators such as savings, expenditure side estimates, etc. are yet to be compiled at the state level. On the sources and method front, issues with the household sector and status of the data sources are highlighted. Lastly, new challenges for GDP estimation, Code of Practice, among others are some of the areas that need systematic research initiatives for overall improvement of official statistics.