The Ministry of Statistics and Programme Implementation (MoSPI) has revised the base year for three key macroeconomic indicators: GDP, IIP, and CPI. The revisions incorporate updated data sources, improved estimation methodologies, enhanced use of administrative data sources, and alignment with international statistical standards.
The Ministry of Statistics and Programme Implementation (MoSPI) has undertaken comprehensive base revision exercises for three key macroeconomic indicators: the Gross Domestic Product (GDP), All India Index of Industrial Production (IIP), and Consumer Price Index (CPI). The revisions were based on recommendations from various committees, such as the Advisory Committee on National Accounts Statistics (ACNAS) for GDP, a Technical Advisory Committee on IIP, and an Expert Group for CPI. The revised base years are 2022–23 for GDP and IIP, and 2024 for CPI. These revisions incorporate updated data sources, expanded coverage, improved estimation methodologies, enhanced use of administrative data sources like GST and the Ministry of Corporate Affairs (MCA) database, and better estimation of the unincorporated sector using the Annual Survey of Unincorporated Sector Enterprises (ASUSE) and the Periodic Labour Force Survey (PLFS). Additionally, MoSPI has adopted internationally accepted statistical practices and made methodological refinements.
Many technical consultations and brainstorming sessions were held with experts, academicians, State Governments, and other stakeholders for seeking their inputs and feedback for the base revision exercise of these macroeconomic indicators. Pre-release consultative workshops were also held before the release of the revised series of these indicators.
Furthermore, MoSPI continuously reviews and updates the statistical standards, concepts, classifications, survey instruments, and methodologies adopted in National Sample Surveys (NSS) to meet emerging data requirements, align with national and international best practices, and improve the quality, relevance, and timeliness of official statistics.
Source:
Press Information Bureau
