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India Revamps Economic Stats: Base Year Shifts to 2022-23
28 Jan
Summary
- GDP base year revised to 2022-23 for updated economic structures.
- CPI base year updated to 2024, reflecting new consumption patterns.
- Statistical transparency enhanced via expanded data portals.
The Indian government has announced significant revisions to its key economic indicators to better reflect the nation's evolving economic landscape. The base year for Gross Domestic Product (GDP) estimates has been shifted to 2022-23, aligning with new economic structures and methodologies. This rebasing ensures that GDP figures accurately capture the current economic output and composition.
Furthermore, the base year for the Consumer Price Index (CPI) has been updated to 2024. This revision incorporates a new consumption basket and updated weights for both rural and urban households, providing a more accurate measure of inflation. The Index of Industrial Production (IIP) is also being revised to the 2022-23 period, harmonizing it with the latest national accounts series.
To enhance data utility and transparency, the government has improved methods for measuring the informal sector and district-level estimations. Public access to official statistics is now more robust through expanded online platforms like GoIStats and the revamped Microdata Portal, facilitating greater data reuse and informed decision-making.
