New Delhi: After conducting a comprehensive exercise to enhance key data relevance, accuracy and international comparability, the government is set to release a new series of GDP, CPI and IIP (based on the new base year) on February 27, February 12 and May 28, respectively, the Parliament was informed on Monday.
Minister of State Rao Inderjit Singh told the Rajya Sabha that the Ministry of Statistics and Programme Implementation (MoSPI) decided on a comprehensive exercise for revision of the base year of the Gross Domestic Product (GDP), the Index of Industrial Production (IIP), and the Consumer Price Index (CPI) to enhance their relevance, accuracy and international comparability.
“Base year revision of GDP, CPI and IIP is guided by respective Technical Advisory Committees, which comprises experts from Academia, Central and State government, RBI, etc. The revision work includes methodological improvement, incorporation of new data sources, weight updation, etc.,” he said.
Notably, CPI and GDP follow the Special Data Dissemination Standards (SDDS) of the IMF, which have four key aspects — coverage, periodicity, and timeliness; access by the public; integrity of the disseminated data; and quality of the disseminated data.
According to the government, recent statistical reforms mark a decisive shift towards greater relevance, responsiveness, and credibility.
By updating base years for the GDP, the CPI, and the IIP, strengthening the measurement of the informal and services sectors, and transforming labour statistics, the government has aligned official data more closely with the structure and dynamics of today’s economy.
At the same time, various measures have been undertaken to significantly improve data quality, timeliness, and public access. The coordinated rollout of new series and systems reflects a commitment not only to methodological rigour and international best practices, but also to transparency and stakeholder engagement, the statement said.
As part of these measures, the base year for GDP estimates has been revised to 2022-23 to reflect new economic structures, and the CPI base year has been revised to 2024, updating the consumption basket and weights for both rural and urban households. Besides, the IIP is being revised to 2022-23, aligned with the new national accounts series.
According to the official statement, these initiatives lay a stronger statistical foundation for evidence-based policymaking, effective decentralised planning, and informed public discourse, ensuring that India’s official statistics remain fit for purpose in a rapidly evolving economic landscape, the statement contended.
(IANS)
