New Delhi, February 9: The Indian government has completed a comprehensive review aimed at improving the relevance, accuracy, and international comparability of key economic data. As a result, the government will release new series of GDP, CPI, and IIP based on a revised base year. The new GDP figures will be published on February 27, CPI data on February 12, and IIP figures on May 28. This information was shared in Parliament on Monday.
In the Rajya Sabha, Minister of State Rao Inderjit Singh stated that the Ministry of Statistics and Programme Implementation (MoSPI) has undertaken a thorough and detailed process to change the base year for these three economic indicators, with the goal of making the data more relevant, accurate, and aligned with international standards.
The minister explained that the adjustments to the base years for GDP, CPI, and IIP were conducted under the supervision of technical advisory committees. These committees include experts from universities, officials from central and state governments, the Reserve Bank of India (RBI), and other knowledgeable institutions. The process involved improving calculation methods, integrating new data sources, and updating weights.
The government noted that the CPI and GDP adhere to the International Monetary Fund’s (IMF) Special Data Dissemination Standards (SDDS). These standards encompass crucial aspects such as data availability, timely release, public accessibility, data integrity, and quality.
According to the government, recent statistical reforms have made the country’s economic data more reliable, timely, and useful. Updating the base years for GDP, CPI, and IIP will provide a clearer picture of the current economy, particularly enhancing the measurement of the service sector and informal economy.
Additionally, the government has taken several steps to improve data quality, timely availability, and public access. The simultaneous implementation of the new series demonstrates the government’s commitment to transparency, international standards, and collaboration with all stakeholders.
The new base year for GDP has been set to 2022-23 to accurately reflect recent changes in the economy. The base year for CPI has been updated to 2024 to better measure consumption patterns in both rural and urban areas. Furthermore, the base year for the Index of Industrial Production (IIP) is also being set to 2022-23 to align with the new national accounts.
An official statement indicated that these measures will assist in policy formulation, enhance the implementation of programs, and provide accurate information to the public. This will ensure that government statistics remain useful and reliable in India’s rapidly changing economy.