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First Supply and Use Tables on new base year released

India's National Statistical Office publishes Supply and Use Tables for 2022-23 and 2023-24 — the first compiled under the revised 2022-23 base year.

What happened

The National Statistics Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), released the Supply and Use Tables (SUTs) for the years 2022-23 and 2023-24.
These are the first comprehensive SUTs compiled under the revised base year 2022-23, which replaces the long-standing 2011-12 series.
They follow the new Annual National Accounts series on the 2022-23 base, which was released earlier on 27 February 2026.
The tables are built on the framework of the United Nations System of National Accounts (SNA), the global standard for measuring economic activity.
Two interlinked product-by-industry matrices — a Supply Table and a Use Table — together reconcile the three approaches to estimating GDP into a single internally consistent structure.
They are compiled at a finer grain than before: 155 products × 67 industries, up from 140 products in the previous base.

Background & context

National income in India is not measured by a single number that is simply read off; it is built up from three different angles that, in theory, should all give the same total. The production (or output) approach sums the value added by every producing unit. The income approach sums the incomes — wages, rent, interest and profit — generated in production. The expenditure approach sums final spending: private consumption, government consumption, investment and net exports. Because each is estimated from different data sources, the three rarely match exactly, and the gap is reported as a statistical discrepancy.

A Supply and Use Table is the accounting device that forces these three approaches to agree. The Supply Table shows, for every product, where the total supply comes from — domestic production plus imports, valued up to purchasers' prices by adding trade and transport margins and product taxes (less subsidies). The Use Table shows where that same supply goes — used up as intermediate inputs by industries, or absorbed as final use (household and government consumption, capital formation and exports). Because total supply of each product must equal total use of that product, the SUT becomes a balancing grid that simultaneously checks the output, income and expenditure estimates against one another.

India revises its base year periodically so that the prices, weights and industrial structure used in the accounts reflect the current economy rather than a decade-old one. The shift from the 2011-12 base to the 2022-23 base is the latest such rebasing. The SUTs released here are the structural backbone of that exercise: the new GDP series of 27 February 2026 rests on the relationships these tables establish.

The custodian of this work is the National Statistics Office, the central statistical agency that sits within MoSPI and is responsible for the country's macroeconomic statistics. The NSO compiles the National Accounts (GDP and its components), runs the Index of Industrial Production, builds the Consumer Price Index, and conducts the large household and enterprise surveys — the Periodic Labour Force Survey, the Household Consumption Expenditure Survey, the Annual Survey of Industries and the Annual Survey of Unincorporated Sector Enterprises. The SUTs draw on several of these as their raw inputs, which is why the quality of the survey programme directly shapes the quality of the tables. The high-level methodological choices for a rebasing exercise of this kind are settled by an expert advisory mechanism so that the framework stays both technically sound and internationally comparable.

The SUT framework also has a sequel. From a balanced Supply and Use Table, statisticians derive the Input-Output Table (IOT) — a square matrix that shows, product by product, how much of each product is used to produce every other. The IOT is what feeds multiplier analysis, the estimation of backward and forward linkages between sectors, and the modelling of how a shock in one industry ripples through the rest of the economy. So these SUTs are not an end in themselves; they are the upstream balancing step from which a whole family of analytical tools is built.

For Prelims

What an SUT is: a pair of matrices — Supply Table and Use Table — that map all transactions of goods and services across products and industries for a year.
Released by: the National Statistics Office (NSO), within MoSPI. The same office compiles the National Accounts, the IIP and the CPI, and conducts large surveys such as the PLFS and HCES.
What they reconcile: the production, income and expenditure approaches to GDP, drawn into one framework so that the statistical discrepancy is eliminated at the final estimate.
Base year: 2022-23, replacing 2011-12. The first SUTs on this new base cover 2022-23 and 2023-24.
Detail: 155 products × 67 industries (products up from 140 in the previous base) — a finer commodity-by-industry resolution.
Total supply at purchasers' prices: ₹627.18 lakh crore (2022-23) and ₹669.88 lakh crore (2023-24).
Sectoral composition of supply (broadly stable): services ≈51–52%, manufacturing ≈35–36%, agriculture ≈11%, mining ≈2%.
Intermediate consumption split: roughly 72–73% goods and 27–28% services; private final consumption (PFCE) roughly 57% goods and 43% services in 2022-23.
Classifications adopted: the National Industrial Classification (NIC) 2025 for industries and COICOP 2018 (Classification of Individual Consumption According to Purpose) for household consumption.
Data sources used: the Annual Survey of Industries (ASI), the Annual Survey of Unincorporated Sector Enterprises (ASUSE), the Household Consumption Expenditure Survey (HCES) and administrative data.
Methodological improvements cited: better treatment of Non-Financial Public Corporations (NFPC), input-cost (IC) structure, Trade and Transport Margins, product-level tax allocation and PFCE estimation.
International anchor: the framework follows the United Nations System of National Accounts (SNA), the same standard used by national accountants worldwide.

What it is NOT: an SUT is not a forecast or a budget — it describes a past year's actual flows. It is not the same as an Input-Output Table (IOT): the IOT is a square product-by-product (or industry-by-industry) matrix derived from the SUTs, whereas the SUT is the prior rectangular product-by-industry pair. It is also not a price index like the CPI or WPI, and it does not itself announce a GDP growth rate — it is the structural framework that the GDP estimates are reconciled within.

For UPSC: SUTs reconcile the production, income and expenditure approaches to GDP inside one product-by-industry matrix; the 2022-23 base series follows the UN SNA and adopts NIC 2025 and COICOP 2018, compiled at 155 products × 67 industries.

Why it matters

The headline GDP number is only as trustworthy as the framework that produces it. By forcing the three estimation routes to balance against each other, SUTs raise the internal consistency of the national accounts and remove the awkward residual that a published statistical discrepancy represents. For a data-led economy, that consistency is the precondition for credible policy: tax-base estimates, sectoral growth claims and the weights used in indices all inherit the structure these tables impose.

The finer resolution — 155 products against 67 industries — lets analysts trace how output in one industry feeds as an input into others, which is the raw material for multiplier and linkage analysis, supply-chain mapping and the construction of Input-Output Tables. The rebasing to 2022-23 also matters because a stale base year progressively misrepresents a fast-changing economy: the relative weight of services, of digital activity and of newer manufacturing lines is captured far better in a 2022-23 structure than in one frozen at 2011-12. Adopting NIC 2025 and COICOP 2018, and aligning with the UN SNA, keeps Indian statistics comparable with international peers and with the data that multilateral bodies use.

There is a quieter significance in the detail of the methodology. The release flags sharper treatment of Trade and Transport Margins — the gap between the basic price a producer receives and the purchasers' price a buyer pays, which is where wholesale and retail trade and freight services enter the accounts. It cites better product-level tax allocation, so that the indirect taxes (net of subsidies) loaded onto each product are distributed more accurately; this matters in a post-GST economy where the indirect-tax structure is itself a major data object. It improves the estimation of Private Final Consumption Expenditure (PFCE), the single largest component of demand, and the handling of Non-Financial Public Corporations, which sit between government and the private corporate sector. Each of these is a place where small methodological errors used to leak into the headline aggregates; tightening them improves the credibility of the GDP number that policymakers, markets and rating agencies read.

The numbers themselves carry an exam-relevant message about the shape of the economy. With services accounting for roughly 51–52% of total supply, manufacturing for 35–36% and agriculture for around 11%, the tables confirm the by-now familiar structure of a services-led Indian economy in which agriculture's share of output is small relative to its share of employment. On the demand side, the split of private consumption into roughly 57% goods and 43% services, and of intermediate consumption into about 72–73% goods and 27–28% services, gives a granular picture of how households and firms actually spend — the kind of evidence that a generic claim about "the services economy" usually lacks.

For Mains

Data

On the architecture of India's national accounts, the SUTs supply concrete numbers: total supply at purchasers' prices of ₹627.18 lakh crore (2022-23) and a services share of supply around 51–52%, evidencing the services-led structure of output.

Exemplify

They are a clean example of how official statistical capacity is upgraded — rebasing from 2011-12 to 2022-23, adopting NIC 2025 and COICOP 2018, and aligning with the UN SNA — usable in any answer on the quality and reform of India's economic data systems.

Position

The government's stance, evidenced here, is to periodically modernise the statistical base and converge on international standards rather than retain a frozen, increasingly unrepresentative base year.

Way-forward

The SUT framework points toward more frequent rebasing, wider use of administrative and survey data (ASI, ASUSE, HCES) and finer product detail as the route to more reliable growth and sectoral estimates.

Deploys into: the credibility and methodology of India's GDP estimation; reform of national statistical systems; structural composition of the Indian economy (services vs manufacturing vs agriculture).

Ministry of Statistics & Programme Implementation · 2026-05-15 · PRID 2261377 · PIB source ↗

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