7-Compilation of National Accounts Statistics in India - A Historical Perspective

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.
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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 nations 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.
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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
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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.
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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
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important changes/improvements effected in the new series vis--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 (50th 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.
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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 27th 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 31st January, 2006 adopted 1999-2000 as the base year, as it has used the data on WPR from the NSS 55th 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 SocioEconomic 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,
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(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 55th and NSS 57th 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 sectors 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.
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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,
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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 7th 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 31st 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 years 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 Indias 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
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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.
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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 sectors 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
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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, DESs, 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
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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
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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 producers 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 purchasers price. The Perspective Planning Division of Planning Commission prepared an IOTT with 66 sectors at producers price for the year 1965. This table was not published but later updated to 1973-74 at 1971-72 producers 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
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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 IOTTs 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 IOTTs 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 producers price and had 18 sectors. Rangnekar (1965) constructed an IOTT for Punjab for the year 1957 which had the entries at producers price and consisted of 17 sectors. In the following two decades a large number of IOTTs have been constructed by the different scholars for different states, namely, for Gujarat relating to the year 1964-65 at producers price having 24 sectors by Alagh and Kashyap (1971), Maharashtra for the year 1963 at purchasers prices having 32 sectors by Koti and Santanam (1970), Haryana for the year 1969-70 at producers prices with 32 sectors by Bhalla (1974), Bihar for the year 1969-70 have 38 sectors at producers prices by Ghosh (1974), Punjab for the year 1969-70 at producers prices having 36 sectors by Bhalla (1975), Rajasthan for the year 1970-71 at producers prices having 49 sectors by Mehta (1977), Madhya Pradesh for the year 1965 at producers prices having 93 sectors by Prakash and Patanker (1978), Assam for the year 1969 at producers prices having 22 sectors by Barua (1977), Karnataka for the year 1977-78 at producers prices having 66 sectors by Panchmukhi (1980) and U. P. for the year 1970-71 at producers 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
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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-committees 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.
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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
SNA segments Numbers of related tables of UN questionnaire on SNA Name of SNA segment Annual accounts Quarterly accounts
Value added, GDP and Employment 2.1 Value added and GDP in current prices by industry 2.2 Value added and GDP in constant prices by industry 1.1 Expenditures of the GDP in current prices 1.2 Expenditures of the GDP in constant prices 2.3 Value added components by industry, current prices Employment by industry Integrated accounts and tables, including integrated satellite accounts 1.3/4.1 Accounts for the total economy Supply and use table 5.1 Cross-classification of output/value added by industries and sectors 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 General government final consumption expenditure by purpose at constant prices 3.2 Individual consumption (and other) expenditures by purpose in current prices 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) 4.3 Non-financial corporations sector accounts (until net lending) 4.4 Financial corporations accounts (until net lending) 4.5 General government sector accounts (until net lending) 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
Min Min Min Min Min Min
reqt reqt reqt reqt reqt reqt
Recomm Recomm Recomm Recomm Desirable Recomm Recomm Desirable
Min reqt Recomm Recomm * * * *
Recomm * Recomm * * Min reqt * Recomm Recomm * * * * * * * Recomm
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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.
x x
GDP and NDP at factor cost by economic activity (annual and quarterly) GDP by expenditure aggregates (annual and quarterly) q Private final consumption expenditure (PFCE)
q
Government final consumption expenditure (GFCE) Gross Fixed Capital Formation (GFCF) Change in stocks Net exports (Exports minus imports)
q q q
GDP by income method (only at current prices) q Compensation of employees

q q q
Operating surplus (organized sector) Mixed income (unorganized sector) Consumption of fixed capital
Saving and capital formation by institutions q Household

q q
Private corporate sector Household sector
Capital formation by assets q Construction

q q q
Machinery and equipment Software Valuables
x x x x x x x
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
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The CSO maintains an Advance Release Calendar for the releases on national accounts.
Title of Release QUARTERLY ESTIMATES OF GDP 1. First quarter (Q1) GDP estimates 2. Second quarter (Q2) GDP estimates 3. Second quarter (Q3) GDP estimates 4. Second quarter (Q4) GDP estimates ANNUAL NATIONAL ACCOUNTS STATISTICS 5. Advance Estimates of national income and expenditure 6. Revised Advance Estimates of national income and expenditure 7. Quick Estimates of National Income, Consumption Expenditure, Saving and Capital Formation PUBLICATIONS 1. National Accounts Statistics (annual) 2. Input-Output Transactions Table (5-yearly)
Date of release Last working day of August (2 months time lag) Last working day of November (2 months time lag) Last working day of February (2 months time lag) Last working day of May (2 months time lag) 7th or first working day after 7th of February (2 months before the close of the year) Last working day of May (2 months time lag) Last working day of January (10 months time lag)
3. 4. 5.
Brochure on New Series of national accounts statistics (after revision of base year) Sources and Methods (after revision of base year) Back series of national accounts statistics (after revision of base year)
Last working day of June Last working day of September (time lag 3-1/2 years) Last working day of February (one month after base year revision) Last working day of March (fourteen months after base year revision) Last working day of June (Seventeen months after base year revision)
The metadata pages on national accounts are available at the IMFs Dissemination Standards Bulletin Board (DSBB), which is the website for SDDS, http://dsbb.imf.org/ Applications/web/sddscountrycategorylist/?strcode=IND. The CSOs 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 UNs 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
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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. Advisory Committee 1961 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. Advisory Committee 1967 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
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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. Advisory Committee 1986
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. Advisory Committee 1992 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. Advisory Committee 1996 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,
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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. Advisory Committee 2001 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).
Advisory Committee 2007 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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References
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118
Annex-I
Statement: Point Estimates of National Income For The Second Half of The 19th Century and First Half of The 20th Century
S.No Author Title or Source Area covered Year of reference NationalPer Capita Income Income (Rs.Crores) (in Rs.) Current 1948-49 prices prices (6)
340
(1)
1. 2.
(2)
Dadabhai Naoroji Atkinson. F.J
(3)
(4)
British India
(5)
1867-68
(7)
20
(8)
112
3. 4.
5.
6.
7. 8. 9. 10.
11.
12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25.
Poverty and un-British Rule in 1871 A Statistical Review of the Income and Wealth of British India. JRSS, June 1902 Major Baring Budget Speech 1882 Richard.T. A paper read before the Institute of Bankers, London, July 1881 Horne .E.A An estimate of Indias National Income, Bengal Eco. Journal January, 1918 Atkinson.F.J A Statistical Review of the Income and Wealth of British India, JRSS, June 1902 Digby, W. Prosperous British India Lord Curzon Budget Speech, 1901 Giffen.R. Economic Enquiries and Studies, Vol.II. 1903 Horne. E.A An Estimate of Indias National Income, Bengal Economic Journal, Jan.1918 Shirras. G.F. Report on the Enquiry into Working Class Budget in Bombay.1923 Balakrishna.R. Industrial Decline of India, 1917 Vakil C.N & Currency and Finance in Muranjan.S.K India, 1926 Wadia P.A & The Wealth of India, 1925 Joshi. G.N Lupton. A Happy India, 1922 Slater. G. The Madras Year Book, 1923 Sarma B.N. Proceedings of the Council of State, 1921 Shah, K.T. & Wealth and Taxable Capacity Khambata, K.J in India, 1924 Shirras, G.F Poverty and Kindred Economic Problems in India, 1935 Shah, K.T Trade Tariffs and Transport in India, 1924 Tiwari S.G. Economic Prosperity of United Provinces, 1951 Roa, VKRV An Essay on Indias National Income, 1940 Shirras, G.F Poverty and Kindred Eco. Problems in India, 1935 Govt. of India Central Banking Enquiry Committee Report 1931 Govt. of India Simon Commission Report, 1929
British India British India British India
1875 1881 1881
574 525
30.5 27
175 153
22310 (not verified)
British India British India
1891 1895
877
28 39.5
146 191
British India British India India British India
1898-99 1901 1903 1911
428 675 900 980
18.9 30 30 42
90 147 139 178
British India
1911
1920
80
339
India India British India British India Madras British India India British India British India U.P British India British India
1911-12 1911-14 1913-14 1919-20 1919-20 1921 1921-22 1921-22 1921-22 1921-22 1925-29 1926-27 1928 1929
539 1774 1087 2854.9 _ _ 2364 2866 1470 2068 2824
21 58.5 44.5 114 112 Over 100 74 116 46 107 80 115 42 116
89 231 171 217 213 208 154 242 96 223 202 290 108 307
Agricultural Population only India

26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37.
119
1689 2809 1482 1865 1924 3423 4265 5060 4931 5430 5580 4974 8950 8710 8650 63 62 72 50.5 56.1 68.5 56.1 65 67 114 142 171 204 224 228 213 277 255 250 245 241 280 196 205 269 220 255 231 263 327 260 307 337 314 263 277 255 250
38. 39. 40. 41. 42. 43. 44.
Quoted by Davis: Population of India and Pakistan, 1951 Roa, VKRV The National Income of the British India, 1940 Desai R.C. The Standard of Living in India and Pakistan, 1953 Tiwari S.G. Economic Prosperity of United Provinces, 1951 Grigg. J. Quoted by Davis: Population of India and Pakistan, 1951 Natarajan B. An Essay on National Income and Expenditure in India, 1949 Tiwari S.G. Economic Prosperity of United Provinces, 1951 Student Commerce, December, 1943 The Eastern Economist Vol. IX. No. 21, 1948 Roa, VKRV Commerce, February, 1944 Student Commerce, December, 1943 Adarkar B.P & M imeographed : Tandon, H.K Ministry of Finance, undated Ministry of Commerce, 1949 Saxena D.N Ph.D Thesis, University of Ministry of Commerce, 1950 Commerce, Annual Review Ministry of Commerce First Report of the National Income Committee, 1951 Final Report of the National Income Committee, 1954
Shirras, G.F
British India British India India U.P British India Union Prov. U.P British India Union Prov. British India British India India Union Prov. British India London,1950 Union Prov. Indian Union No. 1948 Indian Union Indian Union Indian Union
1931 1931-32 1931-32 1931-32 1937-38 1938-39 1938-39 1938-39 1939-40 1942-43 1942-43 1944-45 1945-46 1945-46 1946-47 1947-48 1948-49 1948-49 1948-49
Govt. of India Govt. of India
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. (1) 1 Series (2) National Income i) Gross and Net Domestic Product by Economic Activity at Factor cost at current prices and 1980-81 prices ii) Value of Output, input and value added by industry disaggregated statement a) at 1980-81 prices Period Issue (3) 1950-51 to 1979-80 NAS (4) Disaggregated Statement 1992 1991-95 Disaggregated Statement Disaggregated Statement 1992 do 1991 to 1995 Reference (5) Statement 4&5
1980-81 to 1991-92 1950-51 to 1959-60 1960-61 to 1979-80
Statements 10& 12 Part II Part III
b) at current prices and 1980-81 prices iii) Domestic Product by Economic Activity in Public Sector a) Gross: at current prices and 1980-81 prices b) Net : at current prices and1980-81 prices
1980-81 to 1992-93
Part V
1960-61 1950-51 1980-81 1960-61 1950-51 1980-81
to to to to to to
1979-80 1979-80 1992-93 1979-80 1979-80 1992-93
1989 (Back Series) 1991 to 1995 1989(Back Series) 1989(back Series) 1991 to 1995
Statements 14& 15 Statement 27 Statements 16& 17 Statement 28
120
1.2 1.3 1.4 Net Domestic Product by Economic Activity in Rural and Urban Areas at current prices Factor Incomes at current prices National Disposable income and Personal Disposable Income at current prices.

1970-71 and 1980-81 1980-81 to 1989-90 1988-89 to 1992-93 1950-51 to 1979-80 1980-81 to 1992-93 1995 1994 & 1995 Statement S-3 Statements 1 to 12 Statement 76 Statement 3 Statement 4
Disaggregated Statements 19921991 to 1995 1989(Back Series) 1989(Back Series) 1991 to 1995 1989(Back Series) 1989(Back Series) 1991to 1995
2.
3.
4. 4.1
Final Consumption Expenditure a) Private Final Consumption Expenditure in Domestic Market at Current prices and 1980-81 prices b) Final Consumption Expenditure of Administrative Department by Type of Authority at current and 1980-81 prices Domestic Saving a) Domestic Saving by Type of Institution at current prices b) Domestic Saving in Public Sector at current prices Domestic Capital Formation By Type of Assets and by Type of Institution a) at current prices b) at 1980-81 prices
1960-61 to 1979-80 1950-51 to 1979-80 1980-81 to 1992-93 1960-61 to 1979-80 1950-51 to 1979-80 1980-81 to 1992-93 1950-51 to 1979-80 1980-81 to 1992-93 1950-51 to 1979-80 1980-81 to 1992-93
Statements 7 & 8 Statement 14 Statements 22 & 23 Statement 29
1989(Back Series) 1991 to 1995 1989(Back Series) 1991 to 1995
Statement 9 Statement 18 Statement 9 Statement 30
4.2 4.3
5.
By Industry of use at current prices and 1980-81 prices Gross and Net Domestic Capital Formation in Public Sector a) By industry of use at current prices and 1980-81 prices b) By type of assets at current prices Net fixed Capital Stock by Industry of Use a) at current prices b) at 1980-81 prices
1950-51 to 1979-80 1980-81 to 1992-93 1950-51 to 1979-80 (by type of asset only) 1980-81 to 1992-93 1950-51 to 1979-80 1980-81 to 1992-93
1989 (Back Series) 1991 to 1995 1989 (Back Series) 1991 to 1995 1989 (Back Series) 1991 to 1995
Statement 10 Statement 19 Statement 11 Statement 19 Statements 12 & 13 Statement 20
1960-61 to 1979-80 1980-81 to 1992-93 1980-81 to 1992-93 1981 1951 1981 1981 to to to to 1993 1980 1993 1993
1989 (Back Series) 1991 to 1995 1991 to 1995 1991 to 1995 1990 1991 to 1995 1991 to 1995 1991 to 1995
Statements 8 to 12 Statements 31 & 32 Statement 33 Statement 22 Statement S-2 Statement 22 Statement S-2
6.
Depreciation as provided in the books of accounts at current prices
1980-81 to 1992-93

7-Compilation of National Accounts Statistics in India - A Historical Perspective

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