India’s upcoming base year revisions for GDP, CPI and IIP will significantly expand the base and coverage of sectors, particularly if the government gets access to more granular data, MoSPI Secretary Saurabh Garg said in an interaction with CNBC-TV18.Garg said the national accounts and GDP series will draw from new and alternate data sources, including GST data, digital platforms such as e-VAHAN, and payments data.“The new series will capture a much larger part of the digital economy. GDP coverage will increase as we incorporate more real-time and electronic data,” he explained.
Garg added that the Consumer Price Index (CPI) will also see a substantial overhaul. The CPI basket size will rise from 299 to over 350 items, “at least”, with e-commerce to be included for the first time.“A lot of digital products will move into the CPI basket, capturing products and sources of data, like where the households are purchasing – the revision will increase the number of markets, products and types of markets from where you are getting the data,” Garg said.With the proportion of food items in the CPI having come down as per the Household Consumption Expenditure Survey, the weightage of food, particularly cereals, in the new CPI is also expected to decline. While spending on vegetables, fruits, and processed foods has gone up, which the new inflation basket will reflect.The Index of Industrial Production (IIP) will similarly undergo expansion, with more sectors being added to better capture industrial activity.
“In all three revisions — national accounts, CPI, and IIP — the coverage will deepen and granularity will increase, as more data sources are brought in. This will help us build a more comprehensive and accurate picture of the economy,” the MoSPI Secretary said.According to Garg, the new data series will roll out in early 2026.• The new CPI series with 2024 as the base year for January will be released on February 12, 2026.• The revised GDP series with 2022–23 as the base year will be released by the end of February 2026, meaning the Second Advance Estimates of FY26 GDP will be on the new base year.• The new IIP series, based on April 2026 data, will be released in May 2026.For CPI and IIP, the government is not considering any changes to the release timelines.“All the base year revisions are on track. By early 2026, the economy’s key indicators—GDP, CPI, and IIP—will all reflect these changes,” Garg affirmed.The MoSPI (Ministry of Statistics and Programme Implementation) will start stakeholder consultations on the new methodologies for each of the data sets by the end of this month or early November, initially in Delhi and Mumbai.Read Also: Ixigo-parent shares in focus after unnamed investor intends to buy up to 16% stake
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