New Delhi, February 9: The government has completed a comprehensive review to enhance the relevance, accuracy, and international comparability of key economic data. Following this review, new series of GDP, CPI, and IIP based on a revised base year will be released. The GDP figures will be published on February 27, CPI data on February 12, and IIP statistics 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 detailed process to change the base year for these three economic indicators. The aim is to make the data more relevant, accurate, and aligned with international standards.
The minister explained that the adjustment of the base year for GDP, CPI, and IIP was 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 figures more reliable, timely, and useful. Updating the base year for GDP, CPI, and IIP will provide a more accurate picture of the current economy, particularly improving calculations for the service and informal sectors.
Additionally, the government has taken several measures to enhance data quality, timely availability, and public access. Implementing the new series simultaneously demonstrates the government’s commitment to transparency, international standards, and collaboration with all stakeholders.
The new base year for GDP is set as 2022-23 to accurately reflect recent changes in the economy. The CPI’s base year has been updated to 2024, allowing for better measurement of consumer consumption in both rural and urban areas. Furthermore, the IIP’s base year is also being revised to 2022-23 to align with the new national accounts.
An official statement indicated that these steps will aid in policy formulation, improve the implementation of plans, and provide accurate information to the public. This will ensure that government statistics in India’s rapidly changing economy remain useful and reliable.
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