Key Highlights
- MoSPI will adopt 2022‑23 as the reference year for both GDP and the Index of Industrial Production.
- The Consumer Price Index will be rebased to 2024.
- New data series will be released on 12 Feb 2026 (CPI), 27 Feb 2026 (GDP) and May 2026 (IIP).
- Revisions incorporate larger samples, refreshed sectoral weights and additional household‑survey inputs.
- Enhanced digital dissemination tools aim to improve transparency and global comparability.
Detailed Insights
The Ministry of Statistics and Programme Implementation (MoSPI) has initiated a systematic overhaul of three cornerstone macro‑economic aggregates—Gross Domestic Product, Consumer Price Index and Index of Industrial Production. By moving the GDP and IIP base to the fiscal year 2022‑23, the agency acknowledges structural transformations that have unfolded since the previous benchmark, notably the rise of services, digital enterprises and green industries. The CPI base, set to 2024, captures the most recent consumption patterns and price‑level shifts.
Release dates are staggered to facilitate a smooth transition: the revised CPI series will appear on 12 February 2026, the new GDP series on 27 February 2026, and the IIP series in May 2026. This phased approach allows users to adapt their models progressively.
Methodologically, the revision draws on inputs from Technical Advisory Committees comprising academics, RBI officials and state representatives. Data sources now include the Periodic Labour Force Survey, Household Consumption Expenditure Survey and Annual Survey of Unincorporated Sector Enterprises. Sample sizes have been expanded, sampling designs refined, and sectoral weights recalibrated to better mirror the current economic landscape.
Transparency measures accompany the technical updates. MoSPI has launched the e‑Sankhyiki portal, published an Advance Release Calendar, and made unit‑level survey data publicly available. The National Meta‑Data Structure documents the provenance and computation logic of each indicator, fostering greater confidence among analysts and policymakers.
Key Concepts
- Base Year: The reference period against which the magnitude of an economic indicator is measured, enabling time‑series comparisons.
- Sectoral Weight: The proportion assigned to each economic sector in the aggregate index, reflecting its contribution to the overall economy.
- e‑Sankhyiki Portal: A digital platform that disseminates official statistical releases, offering downloadable datasets and metadata.