What is the new base year for India's GDP estimates?

The base year for India's Gross Domestic Product (GDP) estimates has been revised to 2022-23.

When was the Consumer Price Index (CPI) base year updated?

The Consumer Price Index (CPI) base year has been updated to 2024, reflecting new consumption patterns.

How is India improving public access to economic data?

Public access to official statistics is being expanded through platforms like GoIStats and a revamped Microdata Portal to boost transparency and data reuse.

Home / Business and Economy / India Revamps Economic Stats: Base Year Shifts to 2022-23

India Revamps Economic Stats: Base Year Shifts to 2022-23

28 Jan

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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.

India Revamps Economic Stats: Base Year Shifts to 2022-23

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.