NEW DELHI: India's recent statistical reforms mark a decisive shift towards greater relevance, responsiveness, and credibility. By updating base years for GDP, Consumer Price Index (CPI), and Index of Industrial Production (IIP), strengthening the measurement of the informal and services sectors, and transforming labour statistics, the government has aligned official data more closely with the structure and dynamics of today’s economy, according to an official statement issued on Wednesday.
At the same time, various measures have been undertaken to significantly improve data quality, timeliness, and public access. The coordinated rollout of new series and systems reflects a commitment not only to methodological rigour and international best practices, but also to transparency and stakeholder engagement, the statement said.
As part of these measures, the base year for GDP estimates has been revised to 2022-23 to reflect new economic structures, and the CPI base year has been revised to 2024, updating the consumption basket and weights for both rural and urban households. Besides, the IIP is being revised to 2022-23, aligned with the new national accounts series.