New GDP series to include data on informal sector todayheadline

New Delhi: The ministry of statistics and programme implementation (MoSPI) is looking to incorporate new data sources for estimating the informal sector in the economy in the revised gross domestic product (GDP) series, it said on Thursday.

Industries like agriculture & allied activities, certain manufacturing sectors, construction, trade, road transport, hotel & restaurants and personal services were identified as having significant informality, it added.

The new GDP series will be based on the 2022-23 base year. The current GDP series is based on the 2011-12 base year. The consultation on ‘estimation of informal sector in gross domestic product’ was attended by various government ministries, research institutions and industry associations.

Sanjeev Sanyal, member of the prime minister’s economic advisory council, noted the shift in the informal sector due to digital advancements, citing examples like Unified Payment Interface (UPI) transactions, gig workers, social media influencers and self-employment driven by digital platforms, illustrating the changing landscape of economic transactions.

MoSPI secretary Saurabh Garg said the ministry is considering the use of data sources like goods and service tax (GST) and digital payment systems.