The government will unveil updated GDP, CPI, and IIP figures on February 27, February 12, and May 28, respectively. This move follows a comprehensive effort to improve data accuracy and international comparability. Minister of State Rao Inderjit Singh informed the Rajya Sabha about the revision exercise for the base years of these key economic indicators.
The revision process involves input from Technical Advisory Committees comprising experts from various sectors. It includes methodological enhancements, incorporation of new data sources, and weight updates. The CPI and GDP adhere to the IMF’s Special Data Dissemination Standards, focusing on coverage, periodicity, timeliness, and data integrity.
Recent statistical reforms aim to enhance the relevance, responsiveness, and credibility of economic data. By updating base years and strengthening sector measurements, the government aligns official data with the current economic landscape. These efforts also aim to improve data quality, timeliness, and public access, reflecting a commitment to transparency and stakeholder engagement.
The base years for GDP, CPI, and IIP have been revised to 2022-23 and 2024, respectively, to reflect new economic structures and consumption patterns. These initiatives lay a robust statistical foundation for evidence-based policymaking and informed public discourse. The goal is to ensure that India’s official statistics remain relevant in a rapidly evolving economic environment.
