'Speculation about credibility of economic data is unwarranted'

SAURABH GARG, SECRETARY, MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION (MOSPI)

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The revised series of key economic indicators — GDP, IIP and CPI — are slated to be unveiled in 2026. The exercise is expected to make India’s economic data more robust.

Saurabh Garg, secretary, Ministry of Statistics and Programme Implementation (MoSPI), speaks to Kuldeep Singh about the key features of the new data series. He also allays concerns expressed by some quarters about the “volatility” of data and strongly refutes notions of “waning credibility” of the country’s statistical system. Excerpts:

Why did it take so long to revise the base years of key economic indicators?

It was essentially due to the Covid-19 pandemic that we couldn’t undertake the revisions. Because of Covid, there was a disruption in the economy and changes in consumption patterns. We waited for the disruptions to ease.

What are the salient features of the revised GDP series (with 2022-23 as the base year)?