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India Revamps Economic Data: New GDP, CPI, IIP Series to Launch Soon

The Indian government announced the upcoming release of revised series for key economic indicators including GDP, CPI, and IIP. Minister Rao Inderjit Singh informed Parliament that the revisions aim to enhance data relevance, accuracy, and international comparability. The updates involve methodological improvements and the incorporation of new data sources, with base years shifted to reflect current economic structures. These reforms are designed to strengthen evidence-based policymaking and align official statistics with the modern economy.

Key Points: New GDP, CPI, IIP Data Series Release Dates Announced

  • New GDP base year 2022-23
  • CPI base year revised to 2024
  • IIP aligned with new national accounts
  • Enhanced data accuracy & comparability
  • Part of broader statistical reforms
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Govt set to release new series of GDP, CPI, and IIP data: Minister

Government to release updated GDP, CPI, and IIP data with revised base years to enhance accuracy and international comparability.

"Base year revision of GDP, CPI and IIP is guided by respective Technical Advisory Committees - Rao Inderjit Singh"

New Delhi, Feb 9

After conducting a comprehensive exercise to enhance key data relevance, accuracy and international comparability, the government is set to release a new series of GDP, CPI and IIP on February 27, February 12 and May 28, respectively, the Parliament was informed on Monday.

Minister of State Rao Inderjit Singh told the Rajya Sabha that the Ministry of Statistics and Programme Implementation (MoSPI) decided on a comprehensive exercise for revision of the base year of the Gross Domestic Product (GDP), the Index of Industrial Production (IIP), and the Consumer Price Index (CPI) to enhance their relevance, accuracy and international comparability.

"Base year revision of GDP, CPI and IIP is guided by respective Technical Advisory Committees, which comprises experts from Academia, Central and State government, RBI, etc. The revision work includes methodological improvement, incorporation of new data sources, weight updation, etc.," he said.

Notably, CPI and GDP follow the Special Data Dissemination Standards (SDDS) of the IMF, which have four key aspects -- coverage, periodicity, and timeliness; access by the public; integrity of the disseminated data; and quality of the disseminated data.

According to the government, recent statistical reforms mark a decisive shift towards greater relevance, responsiveness, and credibility.

By updating base years for the GDP, the CPI, and the IIP, strengthening the measurement of the informal and services sectors, and transforming labour statistics, the government has aligned official data more closely with the structure and dynamics of today's economy.

At the same time, various measures have been undertaken to significantly improve data quality, timeliness, and public access. The coordinated rollout of new series and systems reflects a commitment not only to methodological rigour and international best practices, but also to transparency and stakeholder engagement, the statement said.

As part of these measures, the base year for GDP estimates has been revised to 2022-23 to reflect new economic structures, and the CPI base year has been revised to 2024, updating the consumption basket and weights for both rural and urban households. Besides, the IIP is being revised to 2022-23, aligned with the new national accounts series.

According to the official statement, these initiatives lay a stronger statistical foundation for evidence-based policymaking, effective decentralised planning, and informed public discourse, ensuring that India's official statistics remain fit for purpose in a rapidly evolving economic landscape, the statement contended.

- IANS

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Reader Comments

P
Priya S
As someone who follows economic data closely, I appreciate the effort to improve accuracy and comparability. The inclusion of experts from Academia and RBI in the committees is a good step. My only request: please make the raw data easily accessible for independent researchers and students. Transparency is key.
R
Rohit P
Updating the CPI consumption basket is the most important part for the common man. Prices of mobile data, online services, and eating out have become a big part of our monthly budget, but were they properly weighted before? Hope this new series reflects the actual inflation we feel in our wallets.
S
Sarah B
Working with international investors, we often get questions about data discrepancies. Aligning with IMF's SDDS and improving international comparability is a very positive move. It builds credibility. The May date for IIP seems a bit far off though – hope there are no delays.
V
Vikram M
The promise to better measure the informal sector is crucial. So much of India's economic activity, from small kirana shops to freelance work, flies under the radar. If they can capture that accurately, it will be a game-changer for understanding real growth and planning welfare schemes.
K
Karthik V
While the intent is good, I have a respectful criticism. We've seen base year changes in the past that led to significant revisions in growth rates, creating confusion. The government must ensure a smooth transition and clearly explain any major methodological shifts to avoid accusations of 'data massaging'.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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