The 8th NAS series revision (on the recommendations of B.N. GoldarCommittee) has modernized India’s national accounting methodology and updated the base year from 2011–12 to 2022–23.

• A Base Year is a specified reference benchmark year used to calculate constant-price (real) macroeconomic estimates, eliminating the distortions caused by inflation over time.
• The NAS is a comprehensive statistical framework, compiled and published annually by the National Accounts Division (NAD) under the National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI).

Key Changes Made in Methodologies

• Double deflation: Factory growth is calculated by separately adjusting input costs and output prices for inflation (replacing the earlier single-index method), using Annual Survey of Industries (ASI) data. 
• Direct informal sector measurement: Small businesses and informal workers are now estimated via field surveys (Annual Survey of Unincorporated Sector Enterprises & Periodic Labour Force Survey) instead of indirect methods. 
• Expanded corporate & government coverage: MCA-21 filings track active and multi-industry firms; government pension and housing benefits are included. 
• Other improvements: Smoother quarterly GDP series and full integration of Supply and Use Tables (SUT) to eliminate statistical discrepancies.