In a bid to modernize economic reporting, the Indian government is rolling out revamped series for GDP, CPI, and IIP with fresh base years. This move follows an exhaustive review to boost data precision and international alignment, as revealed by Minister of State Rao Inderjit Singh in Parliament.
The countdown has begun: CPI numbers hit on February 12, GDP on February 27, and IIP on May 28. Base years are set at 2022-23 for GDP and IIP to sync with recent national accounts, while CPI adopts 2024 to accurately gauge urban-rural consumer baskets.
MoSPI orchestrated the transition through rigorous processes supervised by diverse advisory committees. Experts from academia, bureaucracy, RBI, and research bodies refined methodologies, integrated novel data streams, and recalibrated weights. This ensures a sharper picture of sectors like services and informal activities, often underrepresented in older metrics.
Compliance with IMF’s SDDS remains a priority, covering aspects like periodicity, accessibility, and integrity. The government’s recent overhauls have elevated data trustworthiness, making it more timely and actionable.
Launching all series cohesively signals strong governance in statistics. These enhancements will aid in crafting responsive policies, optimizing resource allocation, and fostering economic transparency. For businesses, investors, and citizens, the new data promises deeper insights into India’s dynamic growth trajectory.
As the nation navigates post-pandemic recovery and global uncertainties, updated indicators will be invaluable. They position India at par with global best practices, reinforcing confidence in its statistical ecosystem.