Statistics Ministry
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India to Broaden Services Production Index, Adding Education & Health Data
The Indian statistics ministry plans to expand its monthly Index of Services Production to include education, healthcare, public administration, and defence. This move will significantly increase the index's coverage from about 60% to 78.4% of India's services Gross Value Added (GVA). The expanded framework aims to use UPI transaction data for private education and healthcare, alongside government expenditure data for public services.
India's GDP Calculation Revamped: Leverages GST & Corporate Data for Accuracy
India's statistics ministry has introduced an updated methodology for calculating Gross Domestic Product (GDP), integrating extensive corporate filings and Goods and Services Tax (GST) data. This significant change aims to provide a more precise estimation of private corporate sector activities and enhance industry classification. Surveys will continue to be used for assessing household and unincorporated sectors.
BreakingIndia's Statistics Ministry Defends GDP Revisions, Cites Improved Data & Methodology
India's Ministry of Statistics and Programme Implementation has defended its recent revisions to Gross Domestic Product (GDP) growth figures. The ministry stated that these changes stem from improved data sources and advanced methodologies, asserting that the new series better reflects the nation's economic activity and clarifies the difference in GDP deflator from other inflation measures.
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