New GDP series may see debt and investment situation update in FY28

Debt and investment survey results may find their way in GDP calculations

India’s new GDP series, scheduled for release in February 2026, could undergo another revision in FY28 as the government evaluates whether findings from the upcoming Debt and Investment Survey can be incorporated, according to officials familiar with the matter.

For now, the revised national accounts will continue to rely on 2019 survey weights, with officials noting that a further update could be done if post-pandemic shifts in household savings and investment behaviour turn out to be significant.

“We will try to see how we can incorporate the results in the new series, given how instrumental this survey is in estimating the investment position of the household sector,” said a person aware of the developments.

The benchmark cost of repair and maintenance of the dwellings could be updated as new results are made available, the person said.

Survey timelines and base-year shift

The revised GDP series—using 2022–23 as the new base year—will be released on February 27, 2026, replacing the current 2011–12 base.

The All India Debt and Investment Survey is scheduled to run from July 2026 to June 2027, with results expected in the second half of 2027.

Why household surveys matter

Household debt and investment surveys play a crucial role in estimating gross fixed capital formation (GFCF), a key proxy for investment in the economy.

Under the current framework, benchmark estimates for rural and urban residential buildings, non-residential buildings and other construction works are derived using data from the National Sample Survey (NSS) 70th round All India Debt and Investment Survey (AIDIS), 2013, along with ratios of repair and maintenance of dwellings.

Between 2004–05 and 2011–12, ownership of dwellings—an important input in investment estimation—rose by 94 percent, underscoring why periodic updates to household asset data materially affect GDP calculations.

In the 2011–12 GDP series, estimates for private moneylenders were also derived using the same AIDIS data, supplemented by Reserve Bank of India reports and the Survey of Unincorporated Sector Enterprises (SUSE).

The SUSE has since become an annual survey, improving the frequency and granularity of data on informal enterprises.

More household data in the pipeline

Beyond investment surveys, the statistics ministry is also planning to roll out a household income survey in the coming year, alongside a situational assessment of agricultural households. These exercises are expected to further strengthen the data backbone used for national accounts and distributional analysis.