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The Journal of income and wealth, Vol. 29, No. 1, January-June 2007 

COMPILATION OF NATIONAL ACCOUNTS STATISTICS 

IN INDIA: A HISTORICAL PERSPECTIVE 

Ramesh Kolli 

National Accounts Division, Central Statistical Organisation 

JELClassification: E01 

National Income estimation has a long history in India. Several national and 

international experts have made contributions in enriching the compilation of 

national income in India. The paper provides a historical record of the 

development and the current status of the National Accounts Statistics in India. 

www.IndianJournals.com 

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I. Estimates of National Income before Independence 

The national income estimation has a long history in India and several attempts were made in 

the past by individual economists and researchers to estimate the income of the country. The 

initial focus of these researchers was on computing nation’s income. Though the official 

estimates of national income are available on regular basis since 1948-49 (first published in 

1956), as many as 44 point estimates of either the national income or income relating to a part 

of the country (for example, a state) are available in the literature covering the period ranging 

from the second half of the nineteenth century to 1948-49. The statement presenting certain 

broad details about these estimates, reproduced from Mukherjee (1969), is at Annex-1. All these 

efforts were based essentially on macro level data and involved a number of assumptions for 

want of requisite data and adequate resources, and, therefore, these estimates were not 

comparable. However, these studies provided a base for post Independence work on the subject 

and for the preparation of official estimates of national income on a scientific and regular basis. 

II. National Income Committee 

After Independence, attention was paid to the development of official estimates of national 

income and related aggregates. Recognising the need for providing estimates of national 

income on a regular basis, the Government of India set up a High Powered Expert Committee 

in 1949 known as “National Income Committee” under the Chairmanship of Prof. P.C. 

Mahalanobis, with Prof. D.R. Gadgil and Prof. V.K.R.V. Rao as members, to make 

recommendations regarding the compilation of national income estimates, the improvement of 

the statistical data base on which the estimates were to be based and to suggest measures to 

promote research in the field of national income. 

For assisting the Committee, a ‘National Income Unit (NIU)’ was set up in the Ministry of 

Finance. This Committee provided the estimates of national income for the entire Indian 

Union, for the first time. The estimates and details of methodology adopted were published in 

the First and Final reports of the National Income Committee brought out by the Ministry of 

Finance in 1951 and 1954, respectively. The Committee recommended preparation of national 

income estimates on a regular (annual) basis.

94 THE JOURNAL OF INCOME AND WEALTH 

Accepting this recommendation of the Committee, the Government of India transferred 

the entire establishment of NIU, then working for the National Income Committee, to the 

Ministry of Finance to take charge of the national income work, on a regular basis. The NIU 

was subsequently transferred to the Central Statistical Organisation (CSO) in 1954 and later a 

full-fledged National Income Division (NID) was created in the CSO. The NID is now 

designated as the National Accounts Division (NAD) in conformity with the expansion of its 

activity, beyond mere compilation of national income. 

While executing its responsibilities, the National Income Committee received the advisory 

help of international experts namely, Professor Simon Kuznets, National Bureau of Economic 

Research, USA; Prof. J.R.N. Stone, Department of Applied Economics, University of 

Cambridge and Dr. J.B.D. Derksen, National Income Unit, United Nations Statistical Office. 




Prof. Simon Kuznets reviewed comprehensively the national income estimates and related 

aggregates of India and presented his report in January, 1957 wherein he offered several 

suggestions mainly relating to (a) status of national income as it emerged in the report of the 

National Income Committee and annual publications, National Accounts Statistics (b) other 

aspects and distribution of national income which need to be included in this publication on 

regular basis, (c) timing of national income estimates and character of their presentation and 

(d) institutional arrangements. He reiterated the suggestions of National Income Committee for 

setting up of an Advisory Committee comprising of established authorities, to guide the future 

course of action and allied matters relating to the estimation of national income and related 

aggregates. He emphasized that Advisory Committee members should be given the opportunity 

to shape the course of work in this field which is of utmost importance to the development of 

economic intelligence in the country. Prof. J.R.N. Stone who visited India in 1950-51 as an 

Adviser to the then National Income Committee did considerable work on factor breakdowns 

of national income, some results of which were incorporated in one of the working papers of 

the NIU entitled “Memorandum on the Forms of Accounts” January, 1951 (mimeo). 

The National Income Committee in its First Report submitted in April, 1951 presented 

estimates of net output of Indian Union for 1948-49 along with a framework of social 

accounts which was drawn up by Prof. J.R.N. Stone. In its Final Report, submitted in 

February 1954, the Committee gave the detailed methodology for compilation of sectoral 

estimates and the national income estimates for the years 1948-49 (improved), 1949-50 and 

1950-51. 

III.Conventional Series of NAS (with base 1948-49) 

Following the work of Prof. J.R.N. Stone, research on national accounts in India was 

undertaken by many scholars. Two of the earliest papers on the subject were by Dandekar 

(1951) and Ghosh (1951), the former discussing conceptual questions and the latter 

presenting a national accounting framework. The First Report of the NIC (1951) presented a 

simple system in which some entries were left blank. Mukherjee (1954 a) attempted to fill in 

some of the gaps with almost notional entries and suggested separate urban and rural accounts 

with a connecting link. Mukherjee (1954 b) also developed a framework of a complete 

interflow matrix of the type used by Ragnar Frisch. Barpujari (1960) first presented complete 

national accounts for India for the years 1951-52 to 1955-56 in which the framework given by

COMPILATION OF NATIONAL ACCOUNTS STATISTICS IN INDIA 95 

NIC was used. Economic accounts for developing countries were discussed by Mukherjee, 

Uma Datta Roy Choudhury and Prasada Rao (1975). 

As per the methodology and the pattern of presentation recommended by the National 

Income Committee, the first official estimates of national income were prepared by the CSO 

with base year 1948-49 for the estimates at constant prices. These estimates at constant 

(1948-49) prices along with the corresponding estimates at current prices and the accounts of 

the Public Authorities were published in the publication, “Estimates of National Income” in 

1956. This series, commonly known as the “conventional series” continued to be published till 

1966 under the same title. 




IV. First Revision of NAS Series (Base year 1960-61) 

With the gradual improvement in the availability of basic data over the years, a review of 

methodology for national income estimation and its extension to other fields of macro 

economic aggregates was undertaken, with a view to update the database and shifting the base 

year from 1948-49 to a more recent year. Special efforts in this regard were made for a 

comprehensive review of all available data, both published and unpublished. The first results of 

these efforts were presented in the “National Income Statistics-Proposals for a Revised Series 

for national Income Estimates, 1955-56 – 1959-60 (CSO, 1961)”. These proposals were 

discussed at a specially organized seminar under the auspices of the Indian Association for 

Research in National Income and Wealth (IARNIW). In the light of the views expressed in the 

Seminar, several follow up studies were undertaken. The proposals, as improved/amended on 

the basis of the studies, alongwith estimates as per the revised series of national income with 

1960-61 as new base for estimates at constant prices were published in the “Brochure on the 

Revised Series of National Product, 1960-61 to 1964-65 (CSO, 1967)” replacing the earlier 

series with base 1948-49. 

Simultaneously, work on the estimation of related aggregates like “capital formation” and 

saving for the years 1960-61 to 1965-66 was also undertaken. These estimates were published 

with corresponding methodology in two special brochures, (i) “National Income Statistics – 

Estimates of Capital Formation in India, 1960-61 (hereafter referred to as 1960-61 series), the 

title of the annual publication was changed to “Estimates of National Product”. 

The coverage of the publication was extended gradually from time to time to incorporate 

the estimates of private consumption expenditure, saving, capital formation, factor incomes, 

consolidated accounts of the nation and detailed accounts of public sector. The title of the 

publication was, therefore, again changed to the present title “ National Accounts Statistics” 

(NAS) with effect from January 1975 to depict the expanded scope of the publication. 

Further, to meet the demand of the users a special supplement, “National Accounts 

Statistics, 1960-61 to 1972-73 – Disaggregated Tables (CSO, 1975)” was brought out. This 

publication included disaggregated tables on output, input, value added, private consumption 

expenditure, saving and capital formation. While the publication presented the estimates at 

current prices for the years 1960-61 to 1972-73, those at constant (1960-61) prices were 

presented for the entire period of 1950-51 to 1972-73. From the subsequent issue, the NAS, 

1976, all those tables presented in the special supplement became regular features of the 

publication, NAS.


V . Second Revision of NAS Series (Base year 1970-71) 

The base year of the revised series was subsequently changed from 1960-61 to 1970-71 

(hereinafter referred to as 1970-71 series) and the estimates according to 1970-71 series were 

published in NAS, January 1978. These estimates were based on the more current available 

data from various sources, like population census, livestock census, various sample surveys 

and ad-hoc studies. The scope, coverage and methodology of the estimates were same as for 

the earlier series included in NAS October, 1976. Both 1960-61 series and 1970-71 series are 

known as “revised series”. 




The detailed methodology of estimation and data sources used in the revised series was 

brought out in the special publication entitled “National Accounts Statistics: Sources & 

Methods. April 1980 “(CSO, 1980). The subsequent revisions/changes in the methodology/ 

data base were given in ‘the Notes on Methodology’ in various issues of NAS as also in a 

special article published in the Monthly Abstract of Statistics, October, 1985. In order to have 

comparable series of macro economic aggregates resulting from the change of base year to 

1970-71, the estimates for the previous years upto 1950-51 at 1970-71 prices were prepared 

and published in 1979 and 1980 issues of NAS. 

VI. Third Revision of NAS Series (Base year 1980-81) 

The CSO released a new series of national accounts aggregates with 1980-81 as base year 

(hereinafter referred to as 1980-81 series) in February, 1988. This series was introduced after 

a comprehensive review of the data base as well as methodology employed in the estimation of 

various aggregates. It also involved a number of revisions arising out of the conceptual and 

methodological improvements as well as latest available data. The revisions brought about for 

the 1980-81 series were the results of a large number of studies undertaken by Reserve Bank 

of India (RBI), and Directorate of Economics & Statistics (DESs) of the State Governments 

and the estimation of Consumption of Fixed Capital (CFC) based on the estimates of fixed 

capital stock using Perpetual Inventory Method (PIM) carried out by the NAD. The coverage 

of the series was enlarged to include the new State of Sikkim. The improvements proposed for 

the 1980-81 series were also considered in depth at the Pune Seminar and Conference of the 

Indian Association for Research in National Income & Wealth (IARNIW) held in December, 

1984 and November, 1985 respectively. These proposals and the consequential changes were 

discussed in detail in the Advisory Committee on National Accounts at two meetings specially 

convened for this purpose in April 1986 and June 1987. The CSO also benefited from the 

suggestions received from many other experts in the field of national accounts. 

Efforts were also made to use as much current data as possible to replace the proportions 

based on the old bench-mark surveys. Further, the results of the latest Population Census, 

Livestock Census, All India Debt & Investment Survey (AIDIS), follow up surveys of the 

Economic Census (EC), Cost of Cultivation Studies (CCS) etc. were made use of. Special 

mention may be made here of the data collected under the programme of follow-up surveys of 

EC. The EC and its follow up surveys were particularly designed to fill the data gap pertaining 

to unorganized segments of the non-agricultural sectors of the economy. 

The Brochure “New Series on National Accounts Statistics (with 1980-81 as the base 

year)” giving the estimates from1980-81 to 1985-86 as also a brief description of the


important changes/improvements effected in the new series vis-à-vis the 1970-71 series was 

issued in February, 1988. 

The various methodological improvements carried out in 1980-81 series related to the 

revised procedure of estimation of paddy, value added for textile group in case of unregistered 

manufacturing, domestic product from Public Administration and Defence at constant prices, 

consumption of fixed capital (CFC), consumption of textiles and other items of private final 

consumption expenditure, change in stocks, losses of the departmental enterprises of the 

government etc. Details of the changes effected alongwith the results of the latest census/ 

sources of data used in respect of each of the macro economic aggregates and also of the 

transactions of the public sector are available in the publication entitled ‘National Accounts 

Statistics-Sources and Methods’ published in 1989. 




VII. Fourth Revision of NAS Series (Base year 1993-94) 

The CSO revised the 1980-81 series of national account aggregates with 1993-94 as base year 

(hereafter referred to as 1993-94 series) in February, 1999. In the past, National Accounts 

Statistics were mostly revised decennially changing the base to a Year synchronizing with the 

year of decennial Population Census. It was primarily because the information on workforce 

from the Population Census played an important role and workforce estimates in the base year, 

which is conducted decennially in the years ending with 1. As a sequel to this, this series of 

National Accounts Statistics should have been with the base year 1990-91. However, it was 

observed that the data on worker participation rate (WPR) captured by the National Sample 

Survey Organisation (NSSO) was better than the one estimated through the Population 

Census. Accordingly, the CSO used the workforce estimates based on National Sample 

Survey (NSS) workforce participation rates from the NSS 1993-94 (50 th Round) survey 

results, and changed the base year of national accounts to 1993-94. 

Of the various changes/methodological improvements effected in the new series, mention 

may be made of the estimation of work force by economic activities using the workerpopulation 

ratio and the workforce participation rates based on the quinquennial survey on 

employment and unemployment conducted by the NSSO and the total population as obtained 

from the 1991 Population Census, using the database on horticultural statistics released by the 

National Horticulture Board (NHB) of the Ministry of Agriculture, coverage of the agricultural 

production in the fore/backyard, floriculture, deep sea fishing, valuation of the output of 

prawns and shrimps separately, data on which was available from the Ministry of Agriculture, 

estimation of the contribution of tailoring services, public services in the quasi-government 

bodies and the contribution of Employees Provident Fund Organisation in the GDP. In the 

1980-81 series imputed banking charges (financial intermediation services indirectly measured 

– FISIM) were being allocated to only few organised segments of the user industries and final 

consumers. In the 1993-94 series, however, FISIM was allocated to all user industries in line 

with the recommendations of the 1993 SNA (which came into existence during this period and 

prepared under the auspices of the Inter Secretariat Working Group on National Accounts 

comprising of the European Communities (EUROSTAT), International Monetary Fund (IMF), 

Organisation for Economic Cooperation and Development (OECD), United Nations and World 

Bank). Further, methodology for estimating the output of insurance services was revised in 

this series, as per the recommendations of 1993 SNA.





The 1993-94 series involved a number of revisions arising out of conceptual and 

methodological improvements as well as use of latest available data. The comprehensive 

revisions in this series were based on a few studies initiated by the CSO. Particular mention 

may be made of the three groups (separately for agriculture, industry and services) 

comprising representatives of the Ministries and external specialists to examine the issue 

relating the under estimation of the GDP. The suggestions of these groups were helpful in the 

base revision exercise particularly in locating areas of underestimation and in identifying the 

alternative sources of data for the purpose. Some of the proposals leading to the changes 

employed in the new series were discussed in the Golden Jubilee Seminar of the Indian 

Association for Research in National Income and Wealth (IARNIW) held at the Institute of 

Economic Growth, University of Delhi during 24-26 July 1998 and also at the joint 

International Conference of the IARNIW and International Association for Research in 

Income and Wealth held at New Delhi during 16-20 November 1998. The changes effected in 

the new series in terms of methodology, use of alternative data sources and the consequential 

changes in the estimates were also deliberated upon in detail by the Advisory Committee on 

National Accounts under the chairmanship of Dr. Rakesh Mohan, in its meetings held on 19th 

August 1998, 6th November 1998, 19th January 1999 and 27 th January 1999. 

VIII. Current Series of NAS (Base year 1999-2000) 

The CSO revised the 1993-94 series of national account aggregates with 1999-2000 as base 

year (hereafter referred to as new series) in February, 2006. The three major components 

influencing the present revision exercise include (i) revision of base year to a more recent year 

(for meaningful analysis of the structural changes in the economy), (ii) complete review of the 

existing data base and methodology employed in the estimation of various macro-economic 

aggregates including choice of the alternative databases on individual subjects and (iii) to the 

extent feasible, implementing the recommendations of 1993 SNA. 

At the time of introducing the previous series with base year 1993-94, the CSO had 

announced that the future base year NAS series revisions would take place coinciding with the 

NSS quinquennial surveys on employment and unemployment. In continuation with the 

practice of adopting NSS employment and unemployment survey data, the new series of 

national accounts released on 31 st January, 2006 adopted 1999-2000 as the base year, as it has 

used the data on WPR from the NSS 55 th Round survey on Employment and Unemployment, 

conducted in 1999-2000. In the new series, the WPR data has been used in conjunction with 

population data of the Population Census, 2001. 

In addition to using the results of above surveys and censuses, the CSO entrusted a 

number of studies to the State Governments, the Directorate of Economics and Statistics, 

Department of Agriculture and Cooperation, Ministry of Agriculture (DESAg) and the Socio- 

Economic Research Centre (SERC), a Delhi based NGO, for updating the rates and ratios used 

in the compilation of national accounts. The CSO also conducted a study on yield rates of 

meat, meat products and meat by-products through its own personnel to update the old rates 

and ratios for these items. The results of the type studies considered for incorporation in the 

new series relate to those conducted by (i) SERC on rates and ratios in agriculture sector, 

(ii) CSO on yield rates for meat, meat products and meat by-products, (iii) CSO on yield rates 

of camel hair and pig bristles, (iv) DESAg on market charges paid by the farmers,


(v) Directorate of Economics and Statistics, Government of Haryana, on input rates for inland 

fishing, and (vi) Indian Council for Forest Research Education (ICFRE) on output of forest 

products. 




Improvements in Coverage 

The improvements in terms of coverage in the new series in the GDP estimates have mainly 

been inclusion of production of (i) salt through seawater evaporation, (ii) betel leaves (for 

States of Assam & West Bengal), (iii) toddy, (iv) goat milk (in 16 States/UTs), buffalo milk (in 

5 States/UTs) and camel milk having economic value and not presently covered in the 

production data, (v) duck eggs (in 15 States/UTs), and (vi) meat production from unregistered 

slaughtering in the States where the same is presently not covered in the production estimates. 

Further, capital expenditures incurred on (i) seven new tree crops during the gestation period, 

and (ii) installation of wind energy systems, are included in the estimates of output of 

construction sector, as well as in the capital formation. A new category of ‘valuables’, 

covering the expenditures made on acquisition of valuables namely gold, jewellery, etc. has 

been included in the gross capital formation, but as a separate category outside the Gross 

Fixed Capital Formation (GFCF) and Change in Stocks, in line with the recommendations of 

1993 SNA. 

In addition to the above, economic activities like (i) other private communication, 

(ii) renting of machinery and other equipment without operator, (iii) computer related activities 

in unorganized segment, (iv) coaching centers, (v) social work with accommodation, and 

(vi) recreation and cultural and supporting activities, have been taken into account as per the 

latest available data from the NSS 55 th and NSS 57 th Rounds. These activities were not 

adequately captured in the earlier series, but were explicitly defined in the National Industrial 

Classification, 1998, according to which the NSSO collected the data in these Rounds. 

Improvements in the Procedures of Compilation 

The important procedural changes made in the new series are (i) use of the production data 

provided by the National Horticulture Board (NHB) for all horticultural crops (with the 

exception of those covered under principal crops) and the price data provided by the State 

Directorates of Economics and Statistics (State DESs) for all crops; (ii) introduction of a new 

basic material, ‘fixtures and fittings’ in the construction sector in addition to the existing 4 

basic materials for estimating the value of output of construction sector; (iii) netting the 

retained reserves and dividends paid from the property income of mutual funds for the 

purpose of estimating the output of banking sector; (iv) aligning the estimates of capital 

formation by industry of use with those of assets/institutions; (v) adjusting for reinvested 

earnings in India of foreign companies in the estimates of saving of private corporate sector 

and the consequential changes in the external transactions account; (vi) including in the private 

corporate sector’s GFCF, the domestic consumption of software (net of public sector 

purchases) and the expenditures incurred on construction of assets by the newly set up 

companies before they commence production; and (vii) treating the operating losses of 

departmental commercial undertakings as imputed subsidies, in line with the practice currently 

followed for irrigation departments.





Implementation of Rrecommendations of 1993 SNA 

While undertaking the exercise for the new base year, efforts were also made to implement the 

recommendations of the 1993 System of National Accounts (1993 SNA) to the extent data are 

available. Some of the recommendations of the 1993 SNA which presently form part of the 

new series are: 

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valuation of non-market agricultural crops on the basis of prices of similar products 

made by market producers and their inclusion in the production boundary; 

inclusion of own-account production of housing services by owner-occupiers and of 

domestic and personal services produced by employing paid domestic staff; 

inclusion of premium supplements in respect of life and non-life insurance output 

estimates; 

inclusion of reinvested earnings of foreign direct investors in the rest of the world 

account. This treatment affects gross national product, saving and capital formation; 

imputed value of own-account labour treated as mixed income of self-employed; 

expenditures on mineral exploration treated as capital expenditure; 

allocation of financial intermediation services indirectly measured (FISIM) to the 

users of these services, as intermediate consumption to industries and as final 

consumption to final users; 

inclusion of expenditures on valuables, which are held as stores of value, and are 

treated as Gross Capital Formation; 

treatment of expenditures on software as Gross capital formation; 

inclusion of natural growth of livestock as Gross capital formation 

inclusion of expenditures made on few tree crops during the gestation period as Gross 

capital formation; 

addition of capital expenditure incurred on installing the wind energy systems in the 

Gross Fixed Capital Formation; 

estimation of consumption of fixed capital of all fixed assets including government 

buildings, roads, dams etc. by Perpetual Inventory Method (PIM); and 

adopting the practice of changing base year every 5 years. 

Consultation with Expert Bodies 

The new series involves a number of revisions arising out of conceptual and methodological 

improvements as well as use of latest available data. The comprehensive revisions in the new 

series are also the results of a number of studies initiated by the CSO in the recent past and also 

the outcomes of the two Sub-Committees of the Advisory Committee on National Accounts 

Statistics, namely, the Working Group on Workforce Estimation under the Chairpersonship of 

Smt. Grace Mazumdar, and the Sub-Committee to suggest suitable sources of data for area, 

production and prices for estimating value of output of horticulture crops for the new series 

under the chairmanship of Shri Pratap Narain. 

Some of the proposals leading to the changes employed in the new series were discussed 

in the Conference and Seminar of the Indian Association for Research in National Income and 

Wealth (IARNIW) held at Ooty, Tamil Nadu in November, 2004 and at Goa, in December,


2005, respectively. The changes effected in the new series in terms of methodology, use of 

alternative data sources and the consequential changes in the estimates were also deliberated 

upon in detail in four meetings of the Advisory Committee on National Accounts Chaired by 

Prof. S.D. Tendulkar and with eminent economists/statisticians and representatives of 

Ministry of Agriculture, Finance, Planning Commission, Reserve Bank of India, State 

Governments as members, held on May, 2004, December, 2004, August, 2005 and January, 

2006. 




IX. Advance Estimates of National Income and Expenditure 

Keeping in view the requirements of the government, particularly for the annual budget 

preparation of the Government of India, CSO introduced the advance estimates of national 

income in 1993, beginning with the estimates for the year 1992-93. Subsequently on May 

2007, CSO also introduced the Advance estimates of GDP expenditures, thus reducing the 

time-lag considerably. These estimates are now released on 7 th February or the next working 

day, of each year, based on information available for about 8 months of the year on key 

economic indicators. The Advance Estimates are revised on 31 st May of every year and are 

termed as the Revised Estimates. The approach for compiling the advance estimates is broadly 

based on the benchmark-indicator method. In this method, for each of the industry-groups, 

namely, agriculture, forestry, fishing, mining, manufacturing, electricity, gas and water 

supply, trade, hotels and restaurants, transport, storage and communication, banking and 

insurance, real estate, ownership of dwellings and business services, public administration, a 

key indicator or a set of key indicators for which data in volume or quantity terms is available 

during the year, are used to extrapolate the value of output/value added estimates of the 

previous year. For example, in the case of agriculture sector, the set of key indicators are the 

advance estimates of agriculture production (at individual crop level) and in the case of 

manufacturing sector, the key indicators are the index of industrial production (at 2-digit 

industry group level). The benchmark estimates are the previous year’s Annual Estimates. For 

the GDP Expenditure aggregates, the indicators used are (i) same sources as used for 

production GDP estimates for final consumption expenditure, (ii) IIP use based classification 

for capital goods and imports of capital goods, and (iii) the balance of payment statistics and 

foreign trade statistics, for net exports. 

X. Quarterly Estimates of GDP and Expenditures 

Following India’s subscription to the Special Data Dissemination Standards (SDDS) of the 

International Monetary Fund (IMF), the CSO introduced the quarterly estimates of GDP 

starting with the Quarter Jan-Mar 1999, both at constant (1993-94) and current prices. The 

quarterly GDP estimates are based on a methodology, which takes into account the quarterly 

performance of various industries of the Indian economy. With reference to agriculture, the 

methodology is based on apportioning the season-wise crop production into various quarters 

on the basis of “harvest stage approach”, utilising the Indian Crop Calendar, 1998. For other 

industries, the estimates are based on the performance of leading indicators of each industry of 

the economy, like the production of marine and inland fish, production of coal and crude 

petroleum, Index of Industrial Production, production of cement and steel, performance of 

railways, production of commercial vehicles, performance of civil aviation and cargo handled


at major ports, postal and telecommunication revenue, aggregate bank deposits, bank credits, 

life and non-life insurance and government expenditure. 

The CSO has also introduced from May 2007 the quarterly estimates of Expenditure 

components of the GDP in current and constant (1999-2000) prices, namely the private final 

consumption expenditure, government final consumption expenditure, gross fixed capital 

formation, change in stocks, valuables, and net exports. 

The quarterly GDP estimates are released on the last working day, two months after the 

reference quarter. 




XI. Flow of Fund Accounts 

For monitoring the economic development and flows of resources across the institutional 

sectors, Flow of Fund Accounts are necessary. The Ministry of Finance felt the need for such 

information as early as in the late fifties and work was initiated in 1957, jointly by the CSO and 

the Reserve Bank of India (RBI). Attempts were made to construct accounts for the 

government by the CSO and for the banking and corporate sectors by the RBI. In 1959, Prof. 

H.W. Arndt of the Australian National University visited India to examine the feasibility of 

construction of such comprehensive accounts for the country. After detailed discussions, he 

prepared a memorandum on the subject entitled “Financial Flows of Indian Economy, 1951-52 

to 1957-58”. He divided the economy into four broad sectors namely, Government, Banks, 

Rest of the World and the Residual. The main field of his investigation was to show how and 

in what form the domestic savings become available to government for financing its 

expenditure and hence he concentrated on financial flows confined to lending and borrowing. 

Subsequently, a Working Group was set up by the CSO in 1959 to prepare a Report on the 

Flow of Fund Accounts. The CSO together with the Ministry of Finance and the RBI prepared 

the estimates for the Working Group. The Report of the Working Group was released in 1963 

and it furnished a flow of fund account for the country in 1957-58 that embraced both 

financial and non-financial flows in a consolidated as well as by major institutional sectors 

namely, households, banks, government and rest of the world. The government sector was 

further sub-divided into general government and government enterprises. The RBI has been 

bringing out its studies on financial flow of funds, the last one being for the period 1951-52 to 

1995-96 brought out in August, 2000. 

XII. Saving and Investment 

In India, the estimates of saving were attempted in the past by different institutions. The most 

important among them were, the Reserve Bank of India (RBI), Planning Commission, National 

Council of Applied Economic Research (NEACR) and Central Statistical Organisation. But the 

widely accepted estimates of saving are those prepared by the RBI and the CSO. The different 

sets of estimates of saving and investment for a common year prepared by the RBI and CSO 

had often caused confusion in the minds of the planners and the public. In view of this, the 

Department of Statistics appointed a Working Group on Saving under the chairmanship of 

Prof. K. N. Raj in May 1981 to (i) undertake a critical review of the available estimates of 

saving and investment in the economy (ii) their interpretational significance and 

(iii) recommend improvements in the methods and procedures of estimation. The Working 

Group submitted its Report in February 1982.


In pursuance of the recommendation of the Working Group, a series of meetings were 

held between the officials of the RBI and the CSO to reconcile the differences in the estimates. 

Finally both organizations agreed on a uniform methodology and database. It was also decided 

that each agency would be responsible for the compilation of estimates of specified sectors 

and supply the data to the other agency. Accordingly, the CSO, now prepares the estimates of 

public sector (both saving and capital formation) and household saving in the form of physical 

assets, life funds, provident and pension funds, while the responsibility of estimating the 

saving and investment of the private corporate sector and that of the household sector’s 

saving in other instruments of financial saving is entrusted to the RBI. This arrangement has 

gone a long way in clearing the doubts, which earlier used to be created in the minds of the 

users due to two different sets of estimates. Now the estimates of saving released by the CSO 

and RBI are the same. 




Subsequently, the Department of Statistics set up an Expert Group on Saving and Capital 

formation under the Chairmanship of Professor V.M. Dandekar on April 1995 to review the 

existing methodology and recommend improvements in the methods and procedures of 

estimation of saving and capital formation. After the demise of Prof. Dandekar, the Expert 

Group was reconstituted on September1995 with the same set of terms of reference and with 

Professor Raja J. Chelliah as Chairman. The Committee submitted its Report on December 

1996. 

Although the Committee did not recommend any major changes in the compilation 

procedures, its recommendations were more directed towards improving the quality of 

existing estimates. These recommendations, included, compilation of flow of funds accounts, 

updations of rates and ratios, regular review of life of fixed assets, improving the estimates of 

local bodies, covering top 1500 companies on census basis, for the purpose of estimating 

capital formation in the private corporate sector, examining the feasibility of conducting 

income expenditure surveys on a periodic basis, and launching of regular enterprise surveys 

by the NSSO for collecting investment data for the household sector. 

XIII. State Domestic Product 

The work on income estimation for the different States in India began as early as in 1948-49 in 

the erstwhile State of Bombay and in the States of Bihar, Uttar Pradesh and West Bengal. The 

first set of detailed estimates of State Income were first published in January 1950 by the 

erstwhile state of Bombay for the year 1948-49 and subsequently in 1951 and 1952 for the 

years 1949-50 and 1950-51. Uttar Pradesh on the other hand, was the first State to prepare 

estimates with rural-urban distribution in 1953 for the year 1947-48 to 1950-51. Later other 

States like Madhya Pradesh, Orissa and West Bengal also initiated work on the subject. The 

position was reviewed by the Fifth Joint Conference of Central and State Statisticians in 1956 

and it was recommended that the States should prepare estimates of State Income broadly on 

the lines followed by the National Income Committee. Simultaneously, with a view to 

streamlining the work and ensuring adoption of uniform concepts and definitions to the extent 

possible as well as methodologies by the States in the preparation of estimates of State 

Domestic Product from the various sectors, the Central Statistical Organisation, on the 

recommendation of the Preliminary Conference on Research in national Income held in 

January, 1957, constituted a Working Group on State Income consisting of experts engaged in


State Income estimation from some of the major States, CSO and other organizations. The 

main task assigned to them was to review the work done by the State Directorates of 

Economics and Statistics (DESs) with a view to formulating standard concepts and definitions 

and recommend standard methodologies. The Group was also asked to specify the major data 

gaps and necessary ways and means to bridge them. 




All the States and Union Territories (except Dadra and Nagar Havel, Daman and Diu and 

Lakshadweep) now compile State Income estimates at current and constant prices. All the 

states compiling SDP estimates follow by and large the concepts, procedures and databases as 

well as base years for constant prices, same as those adopted at the national level. However, 

due to differences in the imputations done at all India level and at state level (for example, the 

value added per worker), and multiplicity of data supplying agencies in the state (for example 

agriculture data), the SDP estimates do not add up to the GDP estimates. However, the 

difference between the two is about 5 per cent. The CSO undertakes compilation of 

comparable estimates of State Domestic Product each year for the use of the Planning 

Commission and the Finance Commissions. 

One area, where the availability of data for preparation of National Accounts aggregates all 

along been highly unsatisfactory is the statistics of local bodies and non-departmental 

undertakings (NDCUs) of the state governments. In pursuance to the recommendation of the 

fourth Conference of Central and State Statistical Organisations, a Working Group was set up 

in March 1980 with representation from RBI, Department of Company Affairs, Planning 

Commission, DES’s, Department of Agriculture and Co-operation and CSO to (i) examine the 

data requirements of all concerned departments and draw up formats for collection of relevant 

statistics from local bodies and non-departmental undertakings of state governments and 

(ii) formulate the approach to be adopted and recommend an action plan indicating changes, if 

any, required in the infrastructure. The group in its report submitted in November 1981 

recommended that (i) in all the states, where arrangement for consolidation of statistics from 

the annual statements of receipt and expenditure exist, the scope of the work should be 

extended so as to cover all items of the statements in the aggregation (ii) where the 

consolidation work is not being done presently, it should be taken up on a priority basis 

(iii) DESs should be responsible for the work of collection and consolidation of the statistics in 

respect of the urban and rural local bodies established under state statutes and (iv) DESs 

should also collect and process the financial statistics pertaining to the non-departmental 

undertakings of state governments preferably following the methodology adopted by the RBI 

for its studies on corporate finances. The position with regard to the accounts of local bodies 

and NDCUs is that NDCU accounts are compiled separately and included in the NAS, while 

estimates of local bodies are included in the overall accounts of administrative departments. 

XIV. Regional Accounts 

A Committee on Regional Accounts, under the Chairmanship of Prof. M. Mukherjee, was 

appointed in 1972 which worked during 1972-76. Besides recommending standard 

methodologies, it also recommended a set of eighteen standard tables to be prepared by all 

states. The tables covered, besides domestic product, all the important macro-economic 

aggregates like fixed capital formation, current consumption expenditure, transactions of 

public sector and indicators of regional development. In its Final Report the committee also


recommended the appropriate frame-work of regional accounts. The State DESs follow the 

recommendations of the Committee in their endeavor to improve the regional accounts 

statistics. 




XV. Indian Participation in International Comparison 

Inter-country comparison of level of economic growth is generally done in terms of per capita 

income in US dollar using official exchange rates. This, however, is not a satisfactory method 

as the exchange rate is not always a valid indicator for measuring the purchasing power of 

currencies. The UN Statistical Office, in collaboration with the University of Pennsylvania, 

USA undertook a project “International Comparison Project (now Programme)-ICP” with the 

primary objective of evolving a suitable methodology for establishing a system of comparisons 

of real product and Purchasing Power Parities (PPP) of different countries. 

In Phase I of ICP six countries participated in 1967 and 10 countries in 1970. In Phase II 

of the project 10 countries participated in 1970 and 16 in 1973. In Phase I and II both binary 

and multilateral comparisons were carried out. In Phase III the comparison on similar lines 

were made for the year 1975 in which 34 countries participated. The countries were classified 

into regional groups and comparison was also made with a base country within the region. 

India was chosen as base country for ESCAP comparison. From Phase IV, in which 60 

countries participated for the reference year 1980, regional comparisons were carried out. For 

Phase V wherein 64 countries participated, core country concept was introduced for linking 

the results of regional comparisons to obtain the results of world comparison. India was one 

of the core countries in Phase V in the ESCAP region. The results of all the five phases have 

been published. Currently Phase VI of the ICP is on in which core commodity approach has 

been proposed in place of core country approach of Phase V, for linking the regional results. 

This project is of particular interest to the developing countries wherein a large number of 

transactions take place in non-monetary terms which are not always evaluated and taken 

account of in national income estimation as contrasted to similar transactions in the developed 

countries. India did not participate in Phase VI. In VIIth Phase, 155 countries are participating. 

The Purchasing Power Parity Preliminary Report of the 2005 International Comparison 

Programme in Asia and the Pacific has just been (July 2007) brought out by the Asian 

Development Bank. 

XVI. Input-Output Transactions Tables 

An input-output transactions table (IOTT) which describes the productive process of the 

complete economic system in a unified way, is an important analytical tool for analysing the 

structure of production in the economy. IOTT is part of the integrated system of national 

accounting. The Statistical Office, Department of Economics and Social Affairs, United 

Nations, has brought out a Technical Manual (Series F No.40, Rev.I) indicating details about 

construction of IOTT and the various problems of input-output analysis. 

The construction of IOTT was initiated in India in the early fifties. The first inter-industry 

table for India was prepared by M. Mukherjee for 1949-50 in 1953 which was subsequently 

published in Sankhya in 1954. This table had only 4 sectors and was arrived at by allocating by 

industries the costs of various industrial sectors using information contained in the “First





Report of the National Income Committee” and then consolidating by the four broad sectors. 

Uma Datta (1954) prepared a 15 X 15 table for 1949-50. The 15 sector classification used in 

this table was the same as used in the national income estimation. This table helped in locating 

some inconsistencies in the national income estimates leading to their rectification at that time. 

A. K. Biswa (1954) prepared a mimeographed paper “Input-output relation among selected 

Indian industries” for the MIT Centre of International Studies, India Project. The Indian 

Institute of Public Opinion also brought out an IOTT with 19 sectors in 1954 for the year 

1952-53. Wilfred Malenbaum (1955) included a small IOTT in his paper “Indian domestic 

product, 1951-52 – 1953-54”. R. M. Goodwin and T. P. Chowdhury were associated with 12 

X 12 table for 1950-51 released by ISI in the form of a mimeographed paper in 1955. A. K. 

Chakravarti prepared 36 sector classification IOTT for the year 1953-54 and 1955-56. These 

tables alongwith detailed write up was later published by the Statistical Publishing Society in 

the form of a book in 1968. By this time the work on inter-industry studies was put on a 

systematic basis in the Planning Division of the Indian Statistical Institute (ISI) under the 

guidance of T. P. Chowdhury and R. M. Goodwin and a standard 36 sector classification was 

adopted. A 36 X 36 IOTT was first prepared in mimeographed form which was later published 

in the Papers on National Income and Allied Topics (PNIAT), Vl.I, 1960. Next, a table for 

1953-54 with the same classification was prepared which was published in an ECAFE paper, 

“Formulating Industrial Development Programme, Development Techniques Series No.27 in 

1961”. The next 36 X 36 table prepared in ISI in 1961 related to year 1955-56 following a 

uniform pattern of classification with the earlier tables. This table was enlarged to a 50 X50 

table subsequently. All these tables prepared by ISI were at producer’s price. D. V. Ramana 

prepared tables for the year 1948-49 to 1958-59 with 50 sector classification using mainly the 

ISI tables and included them in his mimeographed study entitled “National Accounts and 

Input-Output Accounts of India” at Department of Applied Economics, University of 

Cambridge. 

The work of inter-industry analysis was shifted from ISI Calcutta to ISI Planning Unit, 

Delhi. The first IOTT at Delhi Unit was prepared by Ashok Rudra and A. S. Manne for the year 

1960-61. This table was specifically constructed for the purpose of analysing the structure of 

Indian economy in 1970-71. Besides the tables prepared by ISI, a 29 X 29 table was prepared 

by the Economic Division of the Planning Commission which was published in “Economic 

Analysis in Input-Output Framework Vol.-I” in 1967. At ISI and IOTT with 77 sectors for the 

year 1964-65 was prepared by M. R. Saluja in which input flows were valuated at factor cost 

of 1960-61. Similar to the table of Rudra and Manne, this table also covered only a part of the 

entire economy. At Gokhale Institute of Economics & Politics an IOTT with 32 sectors for the 

year 1963 was prepared by P. N. Mathur, et al. This table was at purchaser’s price. The 

Perspective Planning Division of Planning Commission prepared an IOTT with 66 sectors at 

producer’s price for the year 1965. This table was not published but later updated to 1973-74 

at 1971-72 producer’s prices and was utilized for preparing the Approach Paper for the Fifth 

Five Year Plan (1974-79). 

Most of the tables mentioned above were not comparable either because they did not 

cover the whole economy and were inconsistent with the national Accounts Statistics or they 

varied in terms of sector classification adopted and system of valuation adopted were 

different. The CSO jointly with the Planning Commission undertook the task of preparing an


IOTT of the Indian economy consistent with the NAS in 1972. An IOTT at factor cost for the 

year 1968-69 was prepared with 225 sector classification following the conceptual 

framework prescribed in the United Nations Revised System of National Accounts. An 

aggregated version of this table with 60 sector classification was published in NAS, 1978. 

Thereafter, CSO undertook the preparation of IOTT for the year 1973-74 on its own. The 

detailed 1973-74 IOTT had 115 sectors and it was aggregated in to 60 sector table to enable an 

overall summary review of the transactions. This table was published in1981. 

The CSO decided to prepare IOTT’s for the Indian Economy every 5 years following the 

same approach so that information system may be developed for study of input structures, final 

demand pattern etc. in due course of time. As per this programme further IOTT’s have been 

prepared by CSO for the years 1978-79, 1983-84, 1989-90, 1993-94, 1998-99 and 2003- 04. 




At the regional/state level the first available IOTT relates to West Bengal as a whole and 

also for Calcutta Metropolitan area for the year 1958 prepared by Dhar (1965). This table was 

at producer’s price and had 18 sectors. Rangnekar (1965) constructed an IOTT for Punjab 

for the year 1957 which had the entries at producer’s price and consisted of 17 sectors. In the 

following two decades a large number of IOTT’s have been constructed by the different 

scholars for different states, namely, for Gujarat relating to the year 1964-65 at producer’s 

price having 24 sectors by Alagh and Kashyap (1971), Maharashtra for the year 1963 at 

purchaser’s prices having 32 sectors by Koti and Santanam (1970), Haryana for the year 

1969-70 at producer’s prices with 32 sectors by Bhalla (1974), Bihar for the year 1969-70 

have 38 sectors at producer’s prices by Ghosh (1974), Punjab for the year 1969-70 at 

producer’s prices having 36 sectors by Bhalla (1975), Rajasthan for the year 1970-71 at 

producer’s prices having 49 sectors by Mehta (1977), Madhya Pradesh for the year 1965 at 

producer’s prices having 93 sectors by Prakash and Patanker (1978), Assam for the year 1969 

at producer’s prices having 22 sectors by Barua (1977), Karnataka for the year 1977-78 at 

producer’s prices having 66 sectors by Panchmukhi (1980) and U. P. for the year 1970-71 at 

producer’s prices having 93 sectors by State Planning Institute U. P. Venkatramaiah et al 

(1979) constructed 21 regional IOTTs one each for 15 States and 6 Union Territories. 

XVII. Role of Research Association/Societies in the Development of NAS 

Professional research associations/societies have also significantly contributed towards the 

quest of CSO for improvement and enlargement of NAS, which is a continuous process. 

Special mention may be made of the Indian Association for Research in National Income and 

Wealth (IARNIW) and the Indian Econometric Society. IARNIW which is a registered nonprofit 

institution was formed mainly with a view to (a) encourage, stimulate and undertake 

research in national income, wealth and allied fields, (b) hold seminars, conferences etc. on the 

problems of national income, wealth and allied topics, (c) to undertake publication of research 

studies conducted by the Association as also of the papers presented at its Conferences, 

Seminars etc. It has provided forum on several occasions, for discussion on the estimates 

prepared by NAD and methods at a penultimate research stage. 

Several gaps, deficiencies in the data and delay in the publication of official statistics 

generally places serious limitation on optimal planning in the country. The Indian Econometric 

Society, in a bid to improve upon the existing data base, organized a seminar in 1972 under the


leadership of Prof. C.R. Rao, which gave constructive suggestions for the improving the data 

base of Indian economy. Two sessions in this seminar were exclusively devoted to national 

income statistics and related aggregates in which background papers on “National Income 

Statistics” by Prof. M. Mukherjee and “Savings, Investment and Consumption” by Prof. 

Ashok Rudra were discussed. Biennial Conferences of the Central and State Statistical 

Organisations have also played useful role in providing forums for discussion of the 

methodology etc. relating to the improvement of the national income estimates. 




XVIII. International Standards on System of National Accounts 

Official interest in the comparability of economic statistics dates back at least to 1928. In that 

year the League of Nations held an International Conference Relating to Economic Statistics to 

encourage the compilation of such statistics and the adoption of uniform presentation 

methods. The Final Act of the Conference stated that international comparability should be a 

goal, especially among countries with sophisticated statistical systems. It urged countries to 

consider extending the scope of official statistics to facilitate compilation of national income 

estimates at regular intervals. 

In 1939, the League of Nations first published national income estimates, for all or part of 

the period 1929 to 1938 for 26 countries, with half of them being official estimates and others 

from academic or private studies. After the Second World War, a need was felt for comparable 

measures of national income as a basis for apportioning the expenses of international 

organizations. To help address this need, the Sub-committee on National Income Statistics of 

the League of Nations Committee of Statistical Experts was formed. The Sub-Committee met 

in December 1945, working from a memorandum prepared by Richard Stone. The origins of 

SNA trace back to the Sub-committee’s report published in 1947, which recommended a set 

of nine tables to present national income statistics. 

By 1950, the United Nations Statistics Office was able to assemble estimates from 

country sources, for National Income Statistics, 1938-1948, from 41 countries. An Expert 

Group appointed by the UN met in 1952 to formulate a standard system. The result was the 

1953 report “A System of National Accounts and Supporting Tables”. This report presented a 

set of 6 standard accounts. Compared to the 1947 report, the 1953 accounts were further 

elaborated with respect to capital transactions. It also took the needs of developing countries 

into consideration. 

The System of National Accounts recommended by the United Nations in 1953 for general 

use, popularly known as UNSNA, 1953 has influenced the development of national income 

statistics all over the world. After 2 other editions of 1953 SNA in 1960 and 1964, the UN 

convened an Expert Group meeting, which met for two weeks in 1964 basing its discussion 

on a draft paper prepared by Richard Stone. The outcome was the 1968 SNA. This 

recommended a set of 20 accounts, broken into three classes, consolidated accounts of the 

nation, production, consumption expenditure and capital finance accounts and income and 

outlay account and capital finance accounts. Now the UNSNA has again been revised in 1993 

to make it more elaborate, comprehensive and harmonized with other systems such as Balance 

of Payments Statistics, Government Finance Statistics etc. Accounts have also been 

partitioned into more detailed sub-accounts.


The heads of NAD, CSO, worked as members of the Expert Groups of the UN to 

prepare the UN guidelines since the beginning. Prof. M. Mukherjee was a member of the 

Expert Group which prepared the UNSNA and supporting tables in 1953. Dr. S.G. Tiwari 

Scope of the compilation of 1993 SNA tables and accounts 




Numbers of related 

tables of UN 

questionnaire on 

SNA 

SNA segments Annual Quarterly 

accounts accounts 

Name of SNA segment 

Value added, GDP and Employment 

2.1 Value added and GDP in current prices by industry Min req’t Recomm 

2.2 Value added and GDP in constant prices by industry Min req’t Recomm 

1.1 Expenditures of the GDP in current prices Min req’t Recomm 

1.2 Expenditures of the GDP in constant prices Min req’t Recomm 

2.3 Value added components by industry, current prices Min req’t Desirable 

Employment by industry Min req’t Recomm 

Integrated accounts and tables, including integrated satellite accounts 

1.3/4.1 Accounts for the total economy Min req’t Recomm 

Supply and use table Recomm Desirable 

5.1 Cross-classification of output/value added by 

industries and sectors Recomm 

Integrated economic accounts * 

Tourism accounts * 

Environmental accounts * 

Social Accounting Matrices 

Other socioeconomic accounts * 

Purpose classification of expenditures 

3.1 General government final consumption (and other) 

expenditure by purpose in current prices Recomm 

General government final consumption expenditure 

by purpose at constant prices * 

3.2 Individual consumption (and other) expenditures by 

purpose in current prices Recomm 

Individual consumption expenditures by purpose at 

constant prices * 

Purpose classification of intermediate and final 

consumption across all sectors * 

Sector accounts (until net lending) 

4.2 Rest of the world accounts (until net lending) Min req’t Recomm 

4.3 Non-financial corporations sector accounts 

(until net lending) * 

4.4 Financial corporations accounts (until net lending) Recomm 

4.5 General government sector accounts (until net lending) Recomm 

4.6 Household sector accounts (until net lending) * 

4.7 Non-profit institutions serving households sector 

accounts (until net lending) * 

Financial and capital stock accounts and tables 

4.1-4.7 Financial accounts for all sectors * 

Balance sheets, revaluation and volume changes in 

asset accounts * 

Asset accounts for financial assets * 

Asset accounts for produced assets * 

Asset accounts for non-produced assets *


was a member of the team which prepared 1968 SNA, Mrs. Uma Datta Roy Choudhury and 

Mr. Jagdish Kumar were Expert Group members of 1993 SNA. The 1993 SNA was brought 

out jointly by the 5 international organizations, United Nations, World Bank, International 

Monetary Fund, Organisation for Economic Cooperation and Development and the 

European Union. The 1993 SNA is being updated and a revised version of this is expected to 

be released in 2008. 




XIX. Current NAS compilations and Advance Release Calendar 

As at present, the compilations on national accounts include the following. 

◆ GDP and NDP at factor cost by economic activity (annual and quarterly) 

◆ GDP by expenditure aggregates (annual and quarterly) 

● Private final consumption expenditure (PFCE) 

● 

● 

● 

● 

Government final consumption expenditure (GFCE) 

Gross Fixed Capital Formation (GFCF) 

Change in stocks 

Net exports (Exports minus imports) 

◆ GDP by income method (only at current prices) 

● Compensation of employees 

● 

● 

● 

Operating surplus (organized sector) 

Mixed income (unorganized sector) 

Consumption of fixed capital 

◆ Saving and capital formation by institutions 

● Household 

● 

● 

Private corporate sector 

Household sector 

◆ Capital formation by assets 

● Construction 

● 

● 

● 

Machinery and equipment 

Software 

Valuables 

◆ Capital formation by industries 

◆ Public sector transactions 

◆ Sources and Methods 

◆ State-wise and item-wise value of output of agricultural crops and livestock products 

◆ State-wise and item-wise value of output of minerals 

◆ Input-output transactions table 

◆ Back series estimates of NAS


The CSO maintains an Advance Release Calendar for the releases on national accounts. 




Title of Release 

Date of release 

QUARTERLY ESTIMATES OF GDP 

1. First quarter (Q1) GDP estimates Last working day of August (2 months time lag) 

2. Second quarter (Q2) GDP estimates Last working day of November (2 months time lag) 

3. Second quarter (Q3) GDP estimates Last working day of February (2 months time lag) 

4. Second quarter (Q4) GDP estimates Last working day of May (2 months time lag) 

ANNUAL NATIONAL ACCOUNTS STATISTICS 

5. Advance Estimates of national income and 7 th or first working day after 7 th of February 

expenditure (2 months before the close of the year) 

6. Revised Advance Estimates of national income Last working day of May (2 months time lag) 

and expenditure 

7. Quick Estimates of National Income, Consumption Last working day of January (10 months time lag) 

Expenditure, Saving and Capital Formation 

PUBLICATIONS 

1. National Accounts Statistics (annual) Last working day of June 

2. Input-Output Transactions Table (5-yearly) Last working day of September 

(time lag 3-1/2 years) 

3. Brochure on New Series of national accounts Last working day of February 

statistics (after revision of base year) 

(one month after base year revision) 

4. Sources and Methods (after revision of base year) Last working day of March 

(fourteen months after base year revision) 

5. Back series of national accounts statistics Last working day of June 

(after revision of base year) 

(Seventeen months after base year revision) 

The metadata pages on national accounts are available at the IMF’s Dissemination 

Standards Bulletin Board (DSBB), which is the website for SDDS, http://dsbb.imf.org/ 

Applications/web/sddscountrycategorylist/?strcode=IND. The CSO’s national accounts were 

also assessed by the IMF under its programme, “Report on Observance of Standards and 

Codes (ROSC) in 2002. The Report was prepared after examining the compilation practices of 

NAS against a Data Quality Assessment Framework (DQAF). 

XX. Satellite Accounts 

In order to analyze a specific field in depth using the SNA framework, the SNA 

recommends compilation of satellite accounts. These accounts concentrate on one field to 

give a full picture of it, in a systematic way. These satellite accounts allow flexibility with 

reference to adoption of concepts, procedures and classifications, without disturbing the core 

framework of national accounts. For example, the tourism satellite accounts adopt an industrial 

classification which cuts across all the industrial sectors as per UN’s International Standards 

Industrial Classification (ISIC). Similarly, for household satellite accounts, the concept of 

production boundary can be extended to capture some non-market voluntary services. 

The responsibility for compiling the satellite accounts lies with the respective agencies that 

are responsible for collecting and disseminating statistics on the related subjects. The National 

Accounts Division provides any technical expertise that is required by the nodal agencies for 

compiling the satellite accounts. 

Presently, the Ministry of Tourism compiled Tourism Satellite Accounts (TSA), with the 

help of NCAER for the year 2002-03. The Ministry of Health and Family Welfare compiled the


National Health Accounts, India for 2001-02. Both these institutions received considerable 

technical help from the NAD of the CSO. Also, the Institute of Social and Economic Change 

(ISEC) have recently compiled National Transfer Accounts using the data available from the 

national accounts. 

The NAD is also presently working on compiling the satellite accounts for non-profit 

institutions in India (NPI) in the framework recommended by the United Nations, Handbook 

on Non-Profit Institutions in the System of National Accounts. The Social Statistics Division 

of the CSO is compiling the Environmental Accounts. 




XXI. Advisory Committees on Indian National Accounts 

As noted in Section 2, a key recommendation of the National Income Committee and also 

that of Prof. Simon Kuznets who reviewed comprehensively the national income estimates 

and related aggregates of India and presented his report in January, 1957 was to set up of an 

Advisory Committee comprising of established authorities for guiding the national income 

compilation. Subsequently the compilation of national accounts statistics in India is 

overseen by an Advisory Committee consisting of acknowledged experts. 

First Advisory Committee 1958 

The first Advisory Committee on National Income was set up in February, 1958. The 

composition of this Committee was; Prof. P. C. Mahalanobis, Chairman, and five members, 

namely, Prof. V. K. R. V. Rao, Prof. D. R. Gadgil, Dr. I.G. Patel, Prof. M. Mukherjee and Joint 

Director Incharge of National Income Unit in the CSO as Member Secretary. The functions of 

this Advisory Committee were: (a) to advise on preparation of national income and related 

estimates; (b) to suggest measures for improvement of the quality of data and for the 

collection of further essential statistics; and (c) to recommend ways and means for promotion 

and coordination of research in national income. 

Advisory Committee 1959 

This Committee was reconstituted in March, 1959 in which Shri Anjaaria of Department of 

Economic Affairs replaced Dr. I. G. Patel. 


In 1961, the Advisory Committee was again reconstituted with the addition of an item “to 

initiate programme of advanced studies and research in national income” to the terms of 

reference of the earlier Committee. 


The Committee was reconstituted in 1967, forming two independent Advisory Committees, 

the first to advise the Government on statistical aspects of collection of data for national 

income under the chairmanship of Prof. C. R. Rao, and the second for giving advice on the 

compilation and presentation of data for the purpose of economic analysis and policy 

decisions and on the promotion of research and advanced studies in national income and


allied subjects under the chairmanship of Dr. S.R. Sen. The Committee on Collection of 

Data for National Income was reconstituted in 1970 under the chairmanship of Prof. V.M. 

Dandekar with the members comprising Director (CSO), representatives from Indian 

Statistical Institute(ISI), Planning Commission, RBI, NSSO, Directors of the Directorates 

of Economics & Statistics, Maharashtra and West Bengal. The other Advisory Committee 

on compilation and Analysis of National Accounts was reconstituted under the 

chairmanship of Prof. M. Mukherjee and included Director (CSO), representatives of 

RBI, ISI, Planning Commission and Ministry of Industrial Development and Ministry of 

Finance as members. 

Two more committees/working groups were set up for dealing with International 

Comparison Project and Improvement of Data Base for State income and related aggregates. 





On the recommendation of National Advisory Board on Statistics (NABS), it was decided in 

1986 that the above mentioned committees might be merged into a single Advisory Committee 

on National Accounts. Accordingly, the Advisory Committee was reconstituted under the 

chairmanship of Prof. V.M. Dandekar with Prof. M. Mukherjee, Dr. A.K. Ghosh, Prof. S.D. 

Tendulkar and representatives of RBI, ISI, Planning Commission, Ministry of Finance, 

Ministry of Agriculture, CEO (NSSO) and 3 State Directors of Economics and Statistics with 

a provision of rotation every 3 years as members. 


The Advisory Committee on National Accounts Statistics was reconstituted in May, 1992 

under the chairmanship of Prof. C.H. Hanumantha Rao with Prof. M. Mukherjee, Shri V.V. 

Divatia, Dr. S.G. Tiwari, Mrs. Uma Datta Roy Choudhury, Prof. Anita Banerjee and 

representatives of RBI, Ministry of Finance, Ministry of Agriculture, Planning Commission, 

Chief Executive Officer of NSSO and four state Directors of Economics and Statistics as 

members. The terms of reference of the reconstituted Committee were (i) to advise the 

Government for improving the coverage of national accounts statistics to include sectors like 

large scale, small scale and cottage industries in private and public sectors, (ii) to address the 

question of estimation of national income by rural and urban sectors on regular basis, (iii) to 

examine the issues in the estimation of factor shares by industry in rural and urban sectors, 

(iv) to provide guidelines on the estimation of consumption of fixed capital at the State level, 

(v) to provide guidelines on technical matters relating to phase VI of the International 

Comparison Project (ICP) for evolving a suitable methodology for establishing a system of 

comparisons of real product and Purchasing Power Parities (PPP) of currencies and suggest 

possible improvements on the methods adopted by United Nations Statistical Office (UNSO); 

and (vi) to advise on any other mater referred to the Committee by the Department in respect 

of National Accounts. 


The Advisory Committee was reconstituted in January, 1996 under the chairmanship of Prof. 

Y.K. Alagh and the members of the committee included Prof. M. Mukherjee, Dr. S.G. Tiwari,


Mrs. Uma Datta Roy Choudhury, Prof. S.D. Tendulkar, Shri R.P. Katyal, and officials from 

RBI, central and state governments. The Committee was again reconstituted in October 1996 

under the chairmanship of Dr. Rakesh Mohan with more or less same composition. 


In April 2001, the Advisory Committee on National Accounts was reconstituted under the 

chairmanship of Prof. S.D. Tendulkar. Other members of the Committee were Prof. B.B. 

Battacharya, Dr. V.S. Chitre, Dr. Amitabh Kundu, Mrs. Uma Datta Roy Choudhruy, Shri R.P. 

Katyal, Mrs. Grace Majumdar, DG (CSO), DG&CEO (NSSO), Adviser (PPD), Planning 

Commission, Economic Adviser, Department of Economic Affairs, ESA, DES-Ministry of 

Agriculture, Dr. R.B. Burman, (ED-RBI), Officer-in-charge (DEAP, RBI), Director (SPl. 

Monitoring Cell, Govt. of Andhra Pradesh), Director (DES, Maharashtra), Director 

(BAE&S, West Bengal), ESA(Govt. of Haryana), Director (DES, Govt. of Meghalaya) and 

DDG (NAD). 





On the recommendations of the The National Statistical Commission (NSC) in its ninth 

meeting held on 26.03.2007, the Government of India reconstituted the Advisory 

Committee on National Accounts Statistics in May 2007 under the Chairmanship of Prof K 

Sundaram, Delhi School of Economics with Prof. B.B. Bhattacharya, S.L. Shetty, Prof. 

Ashima Goyal, Prof. Sanghamitra Das, Shri R.P. Katyal, Shri Pratap Narain, Shri Naresh 

Kumar, Director General, Central Statistical Organisation, Director General (NSSO), 

Principal Advisor, Perspective Planning Division., Planning Commission, Economic 

Advisor, Department of Economic Affairs, Ministry of Finance, Principal Economic and 

Statistical Adviser, Department of Agriculture & Cooperation, Executive Director, 

Reserve Bank of India, Mumbai, Officer-in-Charge, Department of Economic Analysis 

and Policy, RBI, Officer-in-Charge, Department of Statistical Analysis and Computer 

Services, RBI, Director of DES, Andhra Pradesh, Director of DES, Maharashtra , 

Director of DES, Assam as members and Additional Director General (National Accounts 

Division) as Member secretary. 

The terms of reference of this Committee were: To review the data base and advise 

on data collection through sample surveys, type studies etc. for implementing the 

recommendations of the 1993 System of National Accounts (SNA), to advise on the 

methodology for compilation and presentation of National Accounts Statistics for purposes of 

economic analysis and policy and on promotion of research in the field of National Accounts 

Statistics, to advise on undertaking studies for improvement of National Accounts Statistics in 

terms of coverage, adoption of new classifications recommended by the UN Statistics 

Division to capture impact of recent policies/efforts of the government and development of 

sequence of accounts for various institutional sectors;, to provide guidelines on the 

presentation of methodology document on National Accounts Statistics; sources and methods 

as per new series, to provide guidelines for the development of regional accounts; and to 

advise on any other matter referred to the Committee by the National Statistical Commission in 

respect of national accounts.





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Arth Vijnana, 21, No. 3-4 pp. 273-670.


Annex-I 

Statement: Point Estimates of National Income For The Second Half of 

The 19 th Century and First Half of The 20 th Century 

S.No Author Title or Source Area Year of NationalPer Capita Income 

covered reference Income 

(Rs.Crores) (in Rs.) 

Current 1948-49 

prices prices 

(1) (2) (3) (4) (5) (6) (7) (8) 




1. Dadabhai Poverty and un-British British India 1867-68 340 20 112 

Naoroji Rule in 1871 

2. Atkinson. A Statistical Review of the 

F.J Income and Wealth of British British India 1875 574 30.5 175 

India. JRSS, June 1902 

3. Major Baring Budget Speech 1882 British India 1881 525 27 153 

4. Richard.T. A paper read before the Institute 

of Bankers, London, July 1881 British India 1881 22310 (not verified) 

5. Horne .E.A An estimate of India’s National 

Income, Bengal Eco. Journal 

January, 1918 British India 1891 - 28 146 

6. Atkinson.F.J A Statistical Review of the British India 1895 877 39.5 191 

Income and Wealth of British 

India, JRSS, June 1902 

7. Digby, W. ‘Prosperous’ British India British India 1898-99 428 18.9 90 

8. Lord Curzon Budget Speech, 1901 British India 1901 675 30 147 

9. Giffen.R. Economic Enquiries and India 1903 900 30 139 

Studies, Vol.II. 1903 

10. Horne. E.A An Estimate of India’s National British India 1911 980 42 178 

Income, Bengal Economic 

Journal, Jan.1918 

11. Shirras. G.F. Report on the Enquiry into British India 1911 1920 80 339 

Working Class Budget in 

Bombay.1923 

12. Balakrishna.R. Industrial Decline of India, 1917 India 1911-12 539 21 89 

13. Vakil C.N & Currency and Finance in India 1911-14 1774 58.5 231 

Muranjan.S.K India, 1926 

14. Wadia P.A & The Wealth of India, 1925 British India 1913-14 1087 44.5 171 

Joshi. G.N 

15. Lupton. A Happy India, 1922 British India 1919-20 2854.9 114 217 

16. Slater. G. The Madras Year Book, 1923 Madras 1919-20 _ 112 213 

17. Sarma B.N. Proceedings of the Council British India 1921 _ Over 100 208 

of State, 1921 

18. Shah, K.T. & Wealth and Taxable Capacity India 1921-22 2364 74 154 

Khambata, K.J in India, 1924 

19. Shirras, G.F Poverty and Kindred Economic British India 1921-22 2866 116 242 

Problems in India, 1935 

20. Shah, K.T Trade Tariffs and Transport British India 1921-22 1470 46 96 

in India, 1924 

21. Tiwari S.G. Economic Prosperity of U.P 1921-22 – 107 223 

United Provinces, 1951 

22. Roa, VKRV An Essay on India’s British India 1925-29 2068 80 202 

National Income, 1940 

23. Shirras, G.F Poverty and Kindred Eco. British India 1926-27 2824 115 290 

Problems in India, 1935 

24. Govt. of India Central Banking Enquiry Agricultural 1928 – 42 108 

Committee Report 1931 Population only 

25. Govt. of India Simon Commission Report, India 1929 – 116 307 

1929





26. Shirras, G.F Quoted by Davis: Population of British India 1931 – 63 245 

India and Pakistan, 1951 

27. Roa, VKRV The National Income of the British India 1931-32 1689 62 241 

British India, 1940 

28. Desai R.C. The Standard of Living in India India 1931-32 2809 72 280 

and Pakistan, 1953 

29. Tiwari S.G. Economic Prosperity of U.P 1931-32 – 50.5 196 


30. Grigg. J. Quoted by Davis: Population British India 1937-38 – 56.1 205 

of India and Pakistan, 1951 

31. Natarajan B. An Essay on National Income Union Prov. 1938-39 1482 68.5 269 

and Expenditure in India, 1949 

32. Tiwari S.G. Economic Prosperity of U.P 1938-39 – 56.1 220 


33. ‘Student’ Commerce, December, 1943 British India 1938-39 1865 65 255 

34. The Eastern Economist Union Prov. 1939-40 1924 67 231 

Vol. IX. No. 21, 1948 

35. Roa, VKRV Commerce, February, 1944 British India 1942-43 3423 114 263 

36. ‘Student’ Commerce, December, 1943 British India 1942-43 4265 142 327 

37. Adarkar B.P & M imeographed : India 1944-45 5060 171 260 

Tandon, H.K Ministry of Finance, undated 

38. Ministry of Commerce, 1949 Union Prov. 1945-46 4931 204 307 

39. Saxena D.N Ph.D Thesis, University of British India 1945-46 5430 224 337 

London,1950 

40. Ministry of Commerce, 1950 Union Prov. 1946-47 5580 228 314 

41. Commerce, Annual Review Indian Union 1947-48 4974 213 263 

No. 1948 

42. Ministry of Commerce Indian Union 1948-49 8950 277 277 

43. Govt. of India First Report of the National Indian Union 1948-49 8710 255 255 

Income Committee, 1951 

44. Govt. of India Final Report of the National Indian Union 1948-49 8650 250 250 

Income Committee, 1954 

Annex-II 

List of Statistical Series of Estimates of National Income and Related Aggregates Available in 

National Accounts Statistics (Nas) in The New Series With Base 1980-81 

S.No. Series Period Issue NAS Reference 

(1) (2) (3) (4) (5) 

1 National Income 1950-51 to 1979-80 Disaggregated Statement 4&5 

i) Gross and Net Domestic Product by Economic Statement 

Activity at Factor cost at current prices and 1992 1991-95 

1980-81 prices 1980-81 to 1991-92 Statements 10& 12 

ii) Value of Output, input and value added by 1950-51 to 1959-60 Disaggregated Part II 

industry disaggregated statement 

Statement 

a) at 1980-81 prices 1960-61 to 1979-80 Disaggregated Part III 

Statement 1992 

– do – 

b) at current prices and 1980-81 prices 1980-81 to 1992-93 1991 to 1995 Part V 

iii) Domestic Product by Economic Activity 

in Public Sector 

a) Gross: at current prices 1960-61 to 1979-80 1989 (Back Series) Statements 14& 15 

and 1980-81 prices 1950-51 to 1979-80 

b) Net : at current prices 1980-81 to 1992-93 1991 to 1995 Statement 27 

and1980-81 prices 1960-61 to 1979-80 1989(Back Series) Statements 16& 17 

1950-51 to 1979-80 1989(back Series) Statement 28 

1980-81 to 1992-93 1991 to 1995





1.2 Net Domestic Product by Economic Activity 1970-71 and 1995 Statement S-3 

in Rural and Urban Areas at current prices 1980-81 

1.3 Factor Incomes at current prices 1980-81 to 1989-90 1994 & 1995 Statements 1 to 12 

1988-89 to 1992-93 Statement 76 

1.4 National Disposable income and Personal 

Disposable Income at current prices. 1950-51 to 1979-80 Disaggregated Statement 3 

1980-81 to 1992-93 Statements Statement 4 

19921991 to 1995 

2. Final Consumption Expenditure 

a) Private Final Consumption 1960-61 to 1979-80 1989(Back Series) Statements 7 & 8 

Expenditure in Domestic Market at 1950-51 to 1979-80 1989(Back Series) 

Current prices and 1980-81 prices 1991 to 1995 Statement 14 

b) Final Consumption Expenditure of 1980-81 to 1992-93 1989(Back Series) Statements 22 & 23 

Administrative Department by 1960-61 to 1979-80 1989(Back Series) 

Type of Authority at current 1950-51 to 1979-80 1991to 1995 Statement 29 

and 1980-81 prices 1980-81 to 1992-93 

3. Domestic Saving 

a) Domestic Saving by Type of 1950-51 to 1979-80 1989(Back Series) Statement 9 

Institution at current prices 1980-81 to 1992-93 1991 to 1995 Statement 18 

b) Domestic Saving in Public Sector 1950-51 to 1979-80 1989(Back Series) Statement 9 

at current prices 1980-81 to 1992-93 1991 to 1995 Statement 30 

4. Domestic Capital Formation 

4.1 By Type of Assets and by Type of Institution 

a) at current prices 1950-51 to 1979-80 1989 (Back Series) Statement 10 

1980-81 to 1992-93 1991 to 1995 Statement 19 

b) at 1980-81 prices 1950-51 to 1979-80 1989 (Back Series) Statement 11 

(by type of asset only) 1991 to 1995 Statement 19 

1980-81 to 1992-93 

4.2 By Industry of use at current prices 1950-51 to 1979-80 1989 (Back Series) Statements 12 & 13 

and 1980-81 prices 1980-81 to 1992-93 1991 to 1995 Statement 20 

4.3 Gross and Net Domestic Capital Formation 

in Public Sector 

a) By industry of use at current prices 1960-61 to 1979-80 1989 (Back Series) Statements 8 to 12 

and 1980-81 prices 1980-81 to 1992-93 1991 to 1995 Statements 31 & 32 

b) By type of assets at current prices 1980-81 to 1992-93 1991 to 1995 Statement 33 

5. Net fixed Capital Stock by Industry of Use 

a) at current prices 1981 to 1993 1991 to 1995 Statement 22 

b) at 1980-81 prices 1951 to 1980 1990 Statement S-2 

1981 to 1993 1991 to 1995 

1981 to 1993 1991 to 1995 Statement 22 

6. Depreciation as provided in the books of 

accounts at current prices 1980-81 to 1992-93 1991 to 1995 Statement S-2

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