National Statistics Office introduced revised GSVA compilation guidelines with 2022-23 as the new base year to improve accuracy and uniformity in state economic estimates.

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• National Statistics Office revised the Gross State Value Added framework and officially adopted 2022-23 as the new base year for calculations.
• The updated framework aims to improve comparability, coverage, and accuracy of economic estimates prepared by states and Union Territories across multiple sectors of the economy.
• Gross State Value Added serves as a major indicator for measuring economic activity within states and contributes directly to Gross State Domestic Product calculations.
• The statistics ministry is seeking participation from all states and Union Territories, including Lakshadweep and Dadra and Nagar Haveli and Daman and Diu.
• The revised framework replaces older single-deflation techniques with methods such as double deflation, revaluation, and volume extrapolation for better constant-price estimates.
• Officials stated that the revised methodology would reduce distortions caused by differences in price movements between production inputs and final economic outputs.
• The updated GSVA framework standardises economic estimation methods across sectors including agriculture, manufacturing, mining, construction, transport, electricity, and financial services.
• The move is expected to better align regional economic statistics with the present structure of India’s economy and improve policy planning at national and state levels.