Base revision of macro-economic indicators at advanced stage, new GDP series on Feb 27

The government announced that the base revision process for key macroeconomic indicators—including CPI, IIP, and GDP—is nearing completion. A new GDP series with the base year 2022–23 is scheduled for release on February 27, 2026.

The updated Consumer Price Index (CPI), rebased to 2024, will debut on February 12, while the revised Index of Industrial Production (IIP) with a base year of 2022–23 will be published on May 28.

After releasing discussion papers and conducting stakeholder workshops, the Ministry of Statistics and Programme Implementation (MoSPI) has incorporated feedback from users, experts, and institutions.

The GDP revision involves an Advisory Committee on National Accounts Statistics (ACNAS) and domain-specific sub-committees. Over 30 sub-committee sessions and four ACNAS meetings have addressed improvements such as:

• Integration of administrative records (GST, PFMS, e-Vahan);
• Adoption of latest surveys and datasets;
• Enhanced corporate activity classification;
• Shift from single to double deflation methods;
• Robust state-level estimates.

For the CPI revision, an expert group held eleven meetings and consulted the RBI, IMF, and financial institutions. Similarly, the IIP revision included eight technical advisory committee meetings and continuous engagement with industry associations and data-source ministries.

MoSPI also improved the timeliness of survey results: annual reports now release within 90–120 days, quarterly within 45–60 days, and monthly within 15–30 days. Additionally, sample designs for labor force (PLFS) and unincorporated sector (ASUSE) surveys now enable district-level estimates and monthly/quarterly metrics.

(With inputs from IANS)