The Statistics Ministry is likely to publish economic growth data, measured in terms of GDP (Gross Domestic Product) with new base year of 2022-23 in February 2026, a senior Government official has said. Similar change in base year are to be made for retail inflation, based on Consumer Price Index and factory output growth, based on Index of Industrial Production.

The Ministry is also all set to publish flash employment-unemployment data from February, next year.

One key criterion for selection of base year for computation of economic data is that it should be a ‘normal’ year -- which has not had much disruptions at domestic and global level. “It is not easy to consider a year as normal year considering happenings at global level. Still, a choice a has to be made,” the official told businessline. Factoring all this, the Statistics Ministry has proposed 2022-23 as the new base year for consideration of the Advisory Committee on National Account Statistics (ACNAS).

The 26-member ACNAS, under the chairmanship of Prof Biswanath Goldar, comprises academics, National Statistical Commission and Indian Statistical Institute (ISI) along with officials from Reserve Bank of India (RBI), Ministries of Finance, Corporate Affairs, Agriculture, NITI Aayog and selected state governments. It first met last month and as per practice, it will meet regularly and deliberate on various aspects of base revision. A detailed methodology for computation of National Accounts Statistics (NAS) will be published after it releases new series estimates.

“Under the guidance of ACNAS, MoSPI will complete the base revision exercise by early 2026 and estimates on new base are likely to be released on February 2026” the official said. In terms of improvement in computation of GDP, the base revision will improve it by including new and latest data such as household consumption exemption data (HCES 2023-24), Annual Survey of Unincorporated Sector Enterprises (ASUSE 2022-23) and GST data beside others.

Last base year revision for GDP was done in 2015, when it was changed to 2011-12 from 2004-05. Similarly base year for CPI revised to 2012 and for IIP to 2011-12.

Labour Survey Data

The official said that first flash data based on Periodic Labour Force Survey (PLFS) is expected to out in February next year. “The data will be for January and will come along with back series data to make it comparable,” he said. Further, he said that the data will include unemployment figures for both rural and urban areas along with a combined number. With this, the practice of publishing quarterly data and annual data will continue for more detailed analysis.

Use of technology

The official mentioned that following the budget announcement, the Statistics Ministry has adopted a multi-pronged strategy to enhance usage of technology for data dissemination in better way. “No paper and web-based survey is being used to do the capex survey. A cloud-based portal e Sigma is being used for data processing. Also, there is E Sankhyiki portal for common public for better data experience,” he said.

The official also said that new surveys to gauge domestic tourism expenditure, national household travel and health expenses will be carried out in next round of National Sample Survey. “The aim to find drivers of GDP growth and data gaps, so that strategy for achieving Viksit Bharat in 20247 could be prepared in best possible manner,” he said.

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