New Delhi — The government will introduce revised series of key economic indicators — Gross Domestic Product (GDP), Consumer Price Index (CPI), and Index of Industrial Production (IIP) — after completing an extensive exercise aimed at improving data accuracy, relevance, and global comparability. The updated data series will be released on February 27 for GDP, February 12 for CPI, and May 28 for IIP, Parliament was informed on Monday.
Minister of State Rao Inderjit Singh told the Rajya Sabha that the Ministry of Statistics and Programme Implementation (MoSPI) undertook a comprehensive review to revise the base years of these crucial indicators. The revision is intended to better reflect the evolving structure of the Indian economy and improve the reliability of official statistics.
He explained that the base year revisions are carried out under the guidance of specialised Technical Advisory Committees comprising experts from academic institutions, central and state governments, and the Reserve Bank of India. The revision process includes improvements in methodology, integration of new data sources, and updating of weights used in calculations.
The CPI and GDP data series are prepared in accordance with the International Monetary Fund’s Special Data Dissemination Standards (SDDS), which focus on coverage, frequency and timeliness of data release, public accessibility, data integrity, and overall quality.
The government stated that recent statistical reforms signal a major shift toward improving the credibility, responsiveness, and usefulness of economic data. By revising the base years for GDP, CPI, and IIP, and strengthening the measurement of informal and service sectors, the official statistics are now more aligned with current economic realities.
As part of the revision, the GDP base year has been updated to 2022–23 to better capture the modern economic structure. The CPI base year has been revised to 2024, with updated consumption patterns and weight distribution for both rural and urban households. Similarly, the IIP base year has been aligned with 2022–23 to match the revised national accounts framework.
According to the government, these measures aim to provide a stronger statistical foundation for evidence-based policymaking, decentralised planning, and informed public discussion, ensuring that India’s economic data remains relevant in a rapidly changing economic environment.
With inputs from IANS