India is set to adopt a new base year for calculating key economic indicators—Gross Domestic Product (GDP), Consumer Price Index (CPI), and Index of Industrial Production (IIP)—from early 2026, according to the Ministry of Statistics and Programme Implementation (MoSPI). The announcement was made by MoSPI Secretary Dr. G P Samanta, who also revealed that a dedicated Services Sector Survey will commence in January 2025.
The new base year under consideration is 2022–23. Currently, GDP is calculated using 2011–12 as the base year, while CPI uses 2012 and IIP relies on 2011–12. The move aims to ensure that India's official statistics better reflect the current structure and dynamics of the economy.
Dr. Samanta emphasized that the updated base year will improve the accuracy and relevance of economic data, aligning them with more recent consumption and production patterns. The services sector, which contributes significantly to India’s GDP, will for the first time get a focused survey to capture its output and price trends more precisely.
The Ministry is working closely with expert committees and state governments to finalize the methodology, pilot surveys, and rollout plans. The services sector survey will be launched in January 2025 and will feed into the new GDP framework.
The base year revision is expected to be completed in phases with proper testing and validation. The updated series will likely be released for public and institutional use in early 2026.
FAQ
1. What is the new base year proposed for GDP, CPI, and IIP?
The new base year proposed for GDP, CPI, and IIP is 2022–23.
2. When will the new base year come into effect?
The updated base year is expected to be implemented by early 2026 after pilot surveys and validation.
3. Why is the base year being updated?
The base year is updated to reflect the current economic structure, consumption patterns, and production trends, ensuring more accurate and relevant data.
4. What is the current base year used for GDP, CPI, and IIP calculations?
GDP: 2011–12
CPI: 2012
IIP: 2011–12
5. What is the Services Sector Survey and when will it begin?
The Services Sector Survey is a dedicated initiative to collect accurate data on services output and prices. It is scheduled to begin in January 2025.
6. Who announced the change in base year and new surveys?
The announcement was made by Dr. G P Samanta, Secretary, Ministry of Statistics and Programme Implementation (MoSPI).
7. How will the new base year benefit the Indian economy?
It will improve data accuracy, help policymakers make better-informed decisions, and bring statistical measures in line with the contemporary economic environment.
8. Will there be a transition period before the new base year is fully adopted?
Yes, the implementation will be done in phases, with testing, pilot surveys, and validation before full adoption.
Publish on JUNE 9,2025 by :selvi