Towards measuring accuracy of GDP estimates

National accountants have been concerned about the validity and accuracy since the beginning of compilation of official estimates of national income. The International Monetary Fund (IMF) too has instituted a procedure of assessing the accuracy and reliability of national accounts and balance of payments statements of different countries, using a set of standards called “Data Quality Assessment Framework. The present paper is a modest attempt at proposing an approach for measuring a component of the total error involved in the estimates of value added in India