The Ministry of Statistics and Programme Implementation (MoSPI) plans to release a new series for both the Gross Domestic Product (GDP) and Consumer Price Inflation (CPI) index by February 2026.
The revised series will include an updated base year, with the GDP calculations expected to shift from the current 2011-12 base year to 2022-23. A similar base year revision from 2012 to 2024 is anticipated for the CPI index.
Saurabh Garg, Secretary of MoSPI, shared this update at an event titled ‘DATASCAPE,’ organized by Ashoka University’s Centre for Economics Data & Analysis (CEDA) in New Delhi.
The Statistics Ministry is actively working on revising both the GDP and CPI series to reflect the structural changes in the economy and enhance the accuracy of economic indicators, according to Garg.
The 26-member Advisory Committee on National Accounts Statistics (ACNAS), which was constituted under Biswanath Goldar’s chairmanship, is expected to complete the exercise by early 2026.
Significance of the Base Year Revision
Updating the base year for GDP and CPI is critical to ensuring that these indicators reflect current economic realities. The present base year, 2011-12, does not adequately capture the significant transformations in India’s economy over the past decade, including the rise of digital platforms, evolving consumption patterns, and the impact of the COVID-19 pandemic.
A new GDP base year of 2022-23 will incorporate updated sectoral data, consumption trends, and investment patterns, providing a more accurate picture of economic growth. Similarly, revising the CPI base year will ensure that inflation metrics account for changes in household consumption and the relative weights of goods and services in the consumer basket.
NSS 80th Round
Talking about the upcoming Surveys, Garg said that the National Sample Survey (NSS) 80th round will be taken up from January next year and will cover three areas: Domestic Tourism Expenditure Survey, National Household Travel Survey, and a full-fledged Survey on Health. These will be done under the assistance of the Tourism, Railways, and Health Ministries, respectively.
Meanwhile, MOSPI will also, from January 2025, produce monthly estimates of the Periodic Labour Force Survey (PLFS).