NSO releases draft guidelines for compiling GSDP via expenditure method
New Delhi, Oct 9 (IANS) The National Statistics Office (NSO) on Friday released the draft guidelines for compilation of Gross State Domestic Product (GSDP) Estimates from Expenditure Side with Base Year 2022-23.
The draft guideline provides a uniform and comprehensive framework for compilation of GSDP estimates from the expenditure side across states and Union Territories, with the objective of ensuring consistency, comparability, and methodological standardisation under the revised base year framework, according to an official statement.
The draft guideline elaborates the concepts, coverage, data sources, estimation procedures, and methodologies for compilation of GSDP from the expenditure side, covering the major expenditure components, including Private Final Consumption Expenditure (PFCE), Government Final Consumption Expenditure (GFCE), Gross Fixed Capital Formation (GFCF), Changes in Inventories, Valuables and Net Exports, the statement said.
At present, some states and UTs are compiling estimates of GFCF and GFCE; however, PFCE estimates are not being compiled by any state or UT. The document, therefore, provides a comprehensive framework and methodological guidance to facilitate the compilation of these expenditure components at the state or UT level.
The guideline emphasises the use of state-specific data sources and appropriate allocation indicators for estimation of various expenditure components, to the extent feasible. In cases where direct state-level data is not available, suitable allocation methodologies and relevant indicators have been recommended for deriving state-wise estimates in a consistent and comparable manner.
The compilation of GSDP from the expenditure side provides an important complementary approach to the production/income-side estimation of GSDP and would facilitate a comprehensive assessment of economic activity at the state and UT level. The estimates would also contribute towards strengthening the state-level national accounts framework and improving the consistency of state estimates with the methodology followed at the national level.
The release of the draft guideline is an important step towards harmonisation of estimation practices across States and UTs and strengthening the statistical capacity of State Directorates of Economics and Statistics (DESs) for the compilation of expenditure-side GSDP estimates.
The draft Guideline is available on the official website of MoSPI (https://www.mospi.gov.in/product/more/6-Documents) for feedback from stakeholders by October 28, the statement added.
–IANS
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