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The new methodology, better data flow and much larger sample sizes have changed estimates of GDP as well as contribution of two key categories – manufacturing and trade.
“In the older method, we had overestimated the contribution of trade and underestimated the role of manufacturing,” said Chief Statistician TCA Anant here at an event, organised by Bharat Chamber of Commerce.
The share of gross value added for manufacturing in the new method in current market prices went up to 17.9 per cent in 2012-13 compared with 14.1 per cent in the old method. Similarly, trade’s contribution dropped from 17.2 per cent to 11.3 per cent in 2012-13.
The estimates for 2013-14 also threw up similar differences. Anant indicated that the 2014-15 estimates, to be out in January 2016, were likely to confirm the trend further.
Inclusion of the Ministry of Corporate Affairs data base and also larger sample of data related to local (both urban and rural) body accounts have helped prepare better estimates of GDP now. “There is still a time lag for publishing the annual estimates. But, it is progressively going to come down in the next few years as data collection becomes more efficient,” the Chief Statistician said.
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