India’s economic dashboard is getting a timely refresh. The government, after a thorough statistical audit, will introduce new GDP, CPI, and IIP series to mirror the economy’s present realities. Minister Rao Inderjit Singh announced in the Rajya Sabha that these updates prioritize accuracy, relevance, and global benchmarks.
Mark your calendars: February 12 for CPI (base 2024), February 27 for GDP (2022-23), and May 28 for IIP (2022-23). This synchronized rollout stems from MoSPI’s meticulous efforts, backed by technical committees comprising university scholars, government officials, RBI experts, and more.
Revisions include advanced computation techniques, fresh data inclusions, and weight adjustments, especially enhancing visibility for services and informal sectors. The process aligns with IMF SDDS, guaranteeing data’s promptness, truthfulness, and public reach.
These reforms build on prior improvements, rendering statistics more credible and contemporary. By adopting recent base years, the series will capture structural shifts like digitalization and consumption evolution across rural-urban divides.
The initiative highlights the government’s focus on quality data dissemination. It will streamline policy formulation, boost scheme efficacy, and equip stakeholders with reliable metrics. In a fast-evolving economy, such proactive measures ensure India’s numbers inspire trust worldwide.