BRIDGING THE GAP

The modification of the base year of GDP, CPI, and IIP, expected by early 2026, will give a boost to India’s macroeconomic database. The data from the upcoming Census will also provide critical inputs, says Saurabh Garg, Secretary, MoSPI

- SURABHI

INDIA'S MACROECONOMIC DATA are set for an overhaul by early 2026. The reason? Updation of the base years of GDP, Consumer Price Index (CPI) and Index of Industrial Production (IIP), along with use of additional data sources. The Census exercise, slated to start next year, is also expected to provide critical data to India's statistical system.

Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MOSPI), says the new series GDP with a base year of FY23 will be released on February 27, 2026.

"For calculating the GDP with revised base, the ministry is exploring enhanced use of data from various sources such as the goods and services tax data as well as tapping new data sources like E-Vahan portal and UPI transactions from the National Payments Corporation of India," he tells Business Today.

The new CPI series is expected to be published from the first quarter of 2026 with a base year of 2024 as the item basket and the weightage of the items would be decided based on the NSO's Household Consumer Expenditure Survey (HCES) conducted in 2023-24.

"For IIP, 2022-23 has been tentatively identified as the revised base. IIP on revised base would be released from 2026-27," Garg says.

The updation exercise with a new base year as well as more sources and item basket for CPI is expected to bring in much better and accurate data and give a more holistic picture of the economy to policymakers and the private sector.