Total economy as per System of National Accounts (SNA) is divided into 5 institutional sectors, namely, general government sector, financial corporate sector, non-financial corporate sector, household sector and NPISH (Non-Profit Institutions Serving Households). However while compiling National accounts statistics in India, these institutional units in the economy are grouped into 3 sectors (i) Public Sector (ii) Private sector and (iii) Household Sector. Local bodies are part of the general government and hence covered in public sector.
There are total 11254(as on year 2014-15) local bodies in Chhattisgarh. Local bodies are of two types: - (1) Rural Local Bodies (2) Urban Local Bodies. In rural local bodies Zila Panchayat, Janpad Panchayat and Gram Panchayat are there. Similarly in urban local bodies there are Nagar Nigam, Nagar Palika and Nagar Panchayat.
Importance of Accounts of Local Bodies:
Keeping decentralization of schemes in mind currently there is great demand of economic and purpose wise classification of accounts of local bodies. This classification provides their sources of income and expenditure. This classification is done under guidelines of Central Statistics Office, New Delhi. Following accounts generated from this - ¼1½ Borrowing Account ¼2½ Capital Finance Account ¼3½ Capital Formation By type of Assets ¼4½ Estimates of net Product ¼5½ Income Outlay Account. Which is further used for preparing estimates of National and State income
Coverage of Local Bodies:
In the state of Chhattisgarh all Nagar Nigam, Nagar Palika Parishad, , Nagar Panchayat, Zila Panchaya, and Janpad Pacnhayat. Due to being large numbers of Gram Panchayats data are collected from samples of 12 Gram Panchayat from each development block drawn by circular systematic random sampling method.