The Ministry of Statistics & Programme Implementation (MoSPI) on November 26, 2025 held the first consultative workshop in Mumbai on the upcoming base-year revision of three core economic indicators: Gross Domestic Product (GDP), Consumer Price Index (CPI) and Index of Industrial Production (IIP).
Under the revised GDP series — anchored on 2022–23 — turnover data from official company filings (MGT-7/7A forms) will be used to better assign activities for firms operating across multiple business lines. GST data will be tapped to refine the list of private companies and to improve regional distribution of gross value added (GVA).
For the unincorporated sector, MoSPI will combine productivity data from the Annual Survey of Unincorporated Sector Enterprises (ASUSE) with workforce numbers from the Periodic Labour Force Survey (PLFS) to produce annual estimates — replacing the current indicator-based extrapolation method.
Also Read: RBI DG flags need for faster & sharper GDP, CPI and IIP data
The revised CPI will broaden its base — expanding coverage across more towns, markets and items, adopting the international COICOP 2018 classification, and integrating administrative and online data sources to enable more granular and timely inflation tracking.
The IIP, too, will undergo modifications: the basket of items will be updated, inactive factories replaced with active ones, and classification of previously unassigned items refined — all to align the index with India’s evolving industrial landscape.
MoSPI Secretary Saurabh Garg said the changes reflect the government’s commitment to a “national statistical system,” guided by principles of timeliness, coverage, granularity and use of latest technology — a step considered critical as India moves toward “data-driven policymaking” under its long-term growth vision.
With the new series expected to be released in early 2026, statisticians and economists say the overhaul could significantly alter the baseline of economic metrics and provide more reliable inputs for policy, investment and macroeconomic analysis.
(Edited by : Shoma Bhattacharjee)
