New Delhi is set for a major upgrade in its economic data reporting. The government has finalized a comprehensive review to enhance the relevance, accuracy, and global comparability of key indicators. Starting soon, fresh series for Gross Domestic Product (GDP), Consumer Price Index (CPI), and Index of Industrial Production (IIP) will be released based on new base years.
This initiative aims to reflect the current state of India’s economy more precisely. Union Minister of State Rao Inderjit Singh shared these details in the Rajya Sabha on Monday. The new GDP figures, aligned with base year 2022-23, will be unveiled on February 27. CPI data, with 2024 as the base year, drops on February 12, while IIP numbers follow on May 28.
The Ministry of Statistics and Programme Implementation (MoSPI) led this overhaul under the guidance of expert technical advisory committees. These panels included academics from top universities, officials from central and state governments, Reserve Bank of India representatives, and other domain experts. Key changes involve refined calculation methods, incorporation of new data sources, and updated weightages to capture evolving economic patterns.
Particularly noteworthy is the improved accounting for the services sector and informal economy, which have grown significantly. The government emphasized adherence to International Monetary Fund’s Special Data Dissemination Standards (SDDS), ensuring timely release, public accessibility, accuracy, and quality.
Recent statistical reforms have made India’s economic data more reliable and contemporary. By synchronizing the launch of these series, authorities underscore their commitment to transparency and stakeholder collaboration. The updated base years—2022-23 for GDP and IIP, 2024 for CPI—will better mirror consumption patterns in both rural and urban areas.
These steps will empower better policymaking, scheme implementation, and informed public discourse. As India’s economy accelerates amid global shifts, such robust data frameworks ensure that official statistics remain a trusted cornerstone for decisions at all levels.