The Indian government has announced a major overhaul of the country's primary economic indicators, setting a timeline for releasing updated data series with new base years. This reset aims to provide a more accurate and contemporary picture of the nation's economic health.
Official Timelines for New Data Series
The Ministry of Statistics and Programme Implementation (MoSPI) confirmed the schedule on Monday. According to the official statement, a new Consumer Price Index (CPI) series with the base year 2024=100 is scheduled for release on February 12, 2026. This will be the key metric for measuring retail inflation.
Subsequently, the revised National Accounts data, which includes Gross Domestic Product (GDP) figures, will be published on February 27, 2026. This crucial dataset will use 2022-23 as its new base year.
Finally, the updated Index of Industrial Production (IIP) series is slated for launch on May 28, 2026, also shifting its base year to 2022-23. This index tracks the volume of production in the industrial sector.
Stakeholder Consultation Before Rollout
Ahead of this significant data transition, MoSPI has organized a pre-release consultative workshop. This event, held on Tuesday, follows an earlier session in Mumbai on November 26.
The ministry stated that the primary goal of this consultation is to share the proposed methodological and structural changes in the revised data series and gather feedback from key stakeholders. The workshop is expected to bring together a diverse group, including:
- Economists and subject matter experts
- Representatives from financial institutions and the banking sector
- Users of official statistics
- Senior officials from central and state governments
MoSPI believes that wide participation will enrich discussions and help users better understand the forthcoming changes. The event will be attended by notable figures including NITI Aayog Vice Chairman Suman K Bery as chief guest, along with Chief Economic Advisor V Anantha Nageswaran, MoSPI Secretary Saurabh Garg, and Director General (Central Statistics) N K Santoshi.
Significance of the Base-Year Reset
Periodically updating the base year for macroeconomic indicators is a standard statistical practice globally. It ensures that the data reflects current economic structures, consumption patterns, and production technologies. The new series will likely incorporate updated item baskets and weights, providing a more relevant benchmark for policymakers, investors, and analysts to assess India's economic trajectory.
The move signifies the government's commitment to maintaining robust and transparent statistical systems, which are fundamental for informed economic decision-making and planning.
