MoSPI Holds Second Workshop on New Base Year for GDP, CPI and IIP Revision

In his address, Shri Suman K. Bery emphasised the importance of stakeholder engagement and transparent communication, especially as India transitions towards upper middle-income status.

The Ministry of Statistics and Programme Implementation (MoSPI) organised the Second Pre-release Consultative Workshop on the base revision of Gross Domestic Product (GDP), Consumer Price Index (CPI) and Index of Industrial Production (IIP) on 23 December 2025 at Bharat Mandapam, Pragati Maidan, New Delhi.

The first workshop in the series was held on 26 November 2026 in Mumbai, marking MoSPI’s continued efforts to adopt a transparent, consultative, and user-engaged approach to major statistical revisions.

The workshop brought together a distinguished gathering of economists, statisticians, banking and financial sector experts, data users, scholars, and senior officials from both Central and State governments. Its key objective was to present and discuss methodological and structural improvements proposed for the revised statistical series, ensuring broad-based stakeholder engagement before official release.

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New Statistical Series to Be Released in Early 2026

MoSPI confirmed the timelines for the upcoming base year revisions:

• GDP and IIP with new base year FY 2022–23

  • GDP new series release: 27 February 2026

  • IIP new series release: 28 May 2026

• CPI with new base year 2024

  • CPI new series release: 12 February 2026

These revisions are part of MoSPI’s cyclical process of updating base years to reflect structural changes in the economy and ensure the accuracy and relevance of India’s core macroeconomic indicators.

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Senior Officials and Experts Highlight Importance of Data Credibility

The inaugural session was graced by:

• Shri Suman K. Bery, Vice Chairman, NITI Aayog (Chief Guest)

• Dr. Saurabh Garg, Secretary, MoSPI

• Dr. V. Anantha Nageswaran, Chief Economic Advisor

• Shri N. K. Santoshi, Director General (Central Statistics), MoSPI

Engaging Users to Strengthen Credibility

In his address, Shri Suman K. Bery emphasised the importance of stakeholder engagement and transparent communication, especially as India transitions towards upper middle-income status. He underscored that reliable, credible data is essential for measuring progress and for guiding evidence-based policymaking.

Data-Driven Governance for Viksit Bharat 2047

Dr. Saurabh Garg highlighted that the revised statistical series aligns with India’s ambition of building a developed economy by 2047 (Viksit Bharat). He outlined major improvements in the revision process, including:

• Incorporation of the Annual Survey of Unincorporated Sector Enterprises to better capture the informal economy

• A shift from Single Deflation to Double Deflation and Volume/Singe Extrapolation techniques

• Use of GST and PFMS data to reduce time lags and improve coverage

• Integration of the Supply and Use Table (SUT) framework into National Accounts to minimise statistical discrepancies

• Real-time data collection and expanded rural-urban market coverage for CPI

• More granular sectoral representation in the new IIP series

Capturing the Informal Sector: A Statistical Challenge

Chief Economic Advisor Dr. V. Anantha Nageswaran commended MoSPI’s efforts, noting that measuring the informal economy remains challenging. However, transparency, methodological consistency, and long-term reliability are essential to producing indicators that accurately capture India’s structural realities.

International Standards and Expert Oversight

In his welcome remarks, DG (Central Statistics) Shri N. K. Santoshi explained the rigorous consultative process, stating that expert committees met extensively to finalise improvements in line with globally accepted statistical standards.

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Technical Sessions Enable In-depth Discussion on Proposed Improvements

The inaugural session was followed by three technical sessions, dedicated to:

1. National Accounts (GDP)

2. Consumer Price Index (CPI)

3. Index of Industrial Production (IIP)

Experts presented the revised methodologies, updated data frameworks, and expected impacts of the new base series. Each session concluded with open-house discussions, allowing participants to raise queries and provide direct feedback to MoSPI.

Additionally, discussion papers detailing all proposed improvements have been made publicly available on the Ministry’s website (www.mospi.gov.in), inviting further comments and suggestions from users of national statistics.

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Strengthening India’s Statistical Architecture Through Consultation and Transparency

The workshop reaffirmed MoSPI’s commitment to transparency, stakeholder participation and international best practices in statistical revision processes. By engaging experts and data users ahead of major releases, MoSPI aims to enhance the credibility, relevance and robustness of India’s key economic indicators—GDP, CPI and IIP—ensuring that they reflect the evolving dynamics of the Indian economy.