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Move Aims to Improve Accuracy and Global Comparability of Economic Data
Anytime News Network. The Ministry of Statistics and Programme Implementation (MoSPI) has decided to undertake a comprehensive revision of the base year for key economic indicators—Gross Domestic Product (GDP), Index of Industrial Production (IIP), and Consumer Price Index (CPI)—to enhance their relevance, accuracy, and international comparability.
The revision process will be guided by technical advisory committees comprising academicians, experts from the Reserve Bank of India, and representatives from central and state governments. Key elements of the exercise include methodological improvements, incorporation of new data sources, and updating sectoral weights to better reflect the evolving structure of the economy.
The government has also outlined timelines for releasing the new series. The updated CPI series is expected on February 12, 2026, followed by the GDP series on February 27, 2026, while the new IIP series is likely to be released in May 2026. Both CPI and GDP adhere to the International Monetary Fund’s Special Data Dissemination Standards (SDDS), which emphasize coverage, periodicity, timeliness, public accessibility, integrity, and data quality.
Economists note that periodic base year revisions are essential to capture shifts in consumption patterns, industrial output, and overall economic dynamics. Such updates help policymakers make informed decisions and provide investors and researchers with a more realistic picture of economic performance.
Minister of State (Independent Charge) for Statistics and Programme Implementation Rao Inderjit Singh shared this information in a written reply in the Rajya Sabha, highlighting that the move will modernize India’s statistical framework and strengthen the credibility of official data.
The revision is expected to play a crucial role in improving economic assessments and ensuring that India’s data systems remain aligned with global standards.
