With annual data from the unincorporated sector survey and labour force surveys now available, the base-year revision to 2022-23 addressed several of these issues. The informal sector corrections are shakier still. The survey data also exclude housing services, which account for a substantial share of informal-sector GVA in the national accounts. The Index of Industrial Production does not adequately capture structural changes in India’s manufacturing sector since 2011-12. The omission is not peripheral: The informal sector mismeasurement component accounts for between 0.4 and 0.8 percentage points of the paper’s estimated annual overestimation.

Source: Indian Express March 18, 2026 13:11 UTC