In the computation of India's national accounts, what structural change was introduced with the adoption of the 2011-12 base year series by the Central Statistics Office?

💡 Solution & Explanation

The revision of the national accounts base year to 2011-12 marked a major methodological shift by adopting gross value added at basic prices as the primary measure of sectoral output, aligning India reporting standards with the United Nations System of National Accounts. Gross value added at basic prices measures output by valuing production at prices received by producers minus taxes on products plus subsidies on products. Enterprise surveys conducted through corporate databases like the Ministry of Corporate Affairs database replaced older estimation techniques. This methodology provides a more granular picture of value addition across primary, secondary, and tertiary sectors.