Is the Base Revision of Macro-Economic Indicators Nearing Completion with New GDP Series on February 27?
Synopsis
The base revision of macro-economic indicators like CPI, IIP, and GDP is progressing rapidly, with significant updates expected soon. The new GDP series based on the 2022-23 year is set for release on February 27, 2026, promising improved accuracy and integration of data sources.
Key Takeaways
The base revision process for macro-economic indicators is at an advanced stage.
New GDP series with base year 2022-23 will be released on February 27, 2026.
Workshops and discussions have engaged stakeholders for feedback.
Integration of various datasets is a key focus for improving accuracy.
Timely release of survey results has been prioritized by the government.
New Delhi, Dec 25 (NationPress) The base revision process for key macro-economic indicators — CPI, IIP, and GDP — is currently at an advanced stage, with the new GDP series based on the year 2022-23 set to be unveiled on February 27, 2026, as per government announcements.
The new CPI series with a base year of 2024 is expected to be launched on February 12, while the updated IIP series with a base year of 2022-23 will debut on May 28.
According to the Ministry of Statistics and Programme Implementation, discussion papers have been made publicly available, and workshops have been conducted to gather feedback from users and stakeholders.
For the GDP base year revision, the Advisory Committee on National Accounts Statistics (ACNAS) was formed, alongside five specialized sub-committees. Over 30 sub-committee meetings and 4 ACNAS meetings have taken place.
Engagement with various ministries and departments has been carried out to address input-data dependencies.
Key areas of improvement include: the integration of administrative data (such as GST, PFMS, e-Vahan); additional datasets and recent survey data; enhanced methods for classifying corporate activities; transitioning from single to double deflation and implementing volume/single extrapolation; and creating robust sub-national estimates.
Regarding the CPI base year revision, an Expert Group (EG) comprising domain experts has been formed, which has conducted 11 meetings.
Consultations with stakeholders, including experts, professional forecasters, and institutions like the RBI and IMF, have been conducted.
For the IIP base year revision, a Technical Advisory Committee (TAC-IIP) has been established, with eight meetings held. Continuous consultations with industry associations and data-source ministries/departments have also occurred.
Additionally, annual survey results are now published within 90-120 days, quarterly results within 45-60 days, and monthly results within 15-30 days following survey completion. The sample design for the Periodic Labour Force Survey (PLFS) and Annual Survey of Unincorporated Sector Enterprises (ASUSE) has been enhanced to generate monthly and quarterly estimates, as well as district-level estimates, the ministry reported.
Point of View
It's crucial to recognize the significance of these revisions in macro-economic indicators. They play a pivotal role in shaping economic policies and providing insights into the nation's financial health. The government's careful approach to engaging stakeholders and integrating diverse data sources demonstrates a commitment to transparency and accuracy, which is essential for the nation's progress.
NationPress
8 May 2026
Frequently Asked Questions
What is the new base year for the upcoming GDP series?
The new base year for the GDP series is **2022-23**.
When will the new CPI series be released?
The new CPI series will be released on **February 12**.
What does IIP stand for?
IIP stands for **Index of Industrial Production**.
How many meetings have been held by the Advisory Committee on National Accounts Statistics?
Over **30 sub-committee meetings** and **4 ACNAS meetings** have been conducted.
What improvements are being made in the base year revisions?
Improvements include integrating administrative data and enhancing corporate activity classification methods.
