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India to Launch New GDP and CPI Series

Why in News ?

The Ministry of Statistics and Programme Implementation (MoSPI) will release a new GDP series with 2022–23 as the base year in February 2026, alongside updated IIP and CPI indices. It is also launching surveys on tourism expenditure and services. These updates aim to provide more accurate economic indicators and support policy-making decisions for long term benefits. An SBI research report has highlighted the importance of these updates for assessing India’s economic growth accurately.

Key Updates on Economic Indicators:

  • New GDP series with 2022–23 base year to be launched on February 27, 2026, replacing the 2011–12 base year.
  • Updated Index of Industrial Production (IIP), also with 2022–23 base year, to be released from April 2026 onwards.
  • New Consumer Price Index (CPI), rebased to 2024, will be released in the first quarter of FY 2026–27.
  • CPI price data collection will use online platforms, OTT sources, and administrative records for better accuracy.
  • MoSPI is exploring e-commerce websites, scanner data, and web scraping for real-time price data, enhancing the scope of global trade research and potentially providing insights into generic market exports.

New Surveys on Tourism and Services:

  • Two new surveys launched in July 2025:

○ National Household Travel Survey (NHTS): To assess travel patterns, modes of transport, and price sensitivity.

○ Domestic Tourism Expenditure Survey (DTES): To capture spending, trip purpose, accommodation, and transport choices.

  • Annual Survey of Service Sector Enterprises (ASSSE) to begin in January 2026, mirroring the industrial survey for formal services data.
  • Surveys aim to fill data gaps in tourism economics and service sector contribution.
  • Next Household Consumption Expenditure Survey (HCES) planned for 2027–28, now scheduled every 3 years.
  • These surveys will provide insights into private capital expenditure and help address sluggish export growth in certain sectors, including generic market exports.

Key points : GDP Base Year
● GDP Base Year: Updated periodically to reflect changing consumption patterns and economy structure.
● IIP and CPI: Key indicators under National Statistical System, used for policy formulation and inflation targeting.
● MoSPI’s Role: Apex body for statistical planning and coordination across ministries and state agencies.
● Base Year Revision: Ensures relevance, comparability, and reliability of macroeconomic indicators.
● Data Sources: Increasing use of big data tools (web scraping, scanner data) for real-time statistics.

About MoSPI and Its Role:
● MoSPI is responsible for compiling and publishing statistical data on India’s economy and society.
● Conducts major surveys like the Household Consumption Expenditure Survey (HCES) and Annual Survey of Industries (ASI).
● Plays a central role in data standardisation, survey methodology, and base year revisions.
● MoSPI’s data supports policy-making, budgeting, and economic forecasting.
● The next HCES will be held in 2027–28, and will occur every 3 years instead of 5.

These comprehensive updates and new surveys reflect India’s commitment to improving its economic metrics and understanding various sectors of the economy. The data gathered will be crucial for formulating policies, attracting investments, and fostering long term benefits for the Indian economy. As Prime Minister Modi’s government continues to engage in constructive discussions with international partners, including recent US officials’ visits, these economic indicators will play a vital role in shaping India’s position in global trade negotiations and its strategic partnerships. The ongoing efforts towards a well-negotiated deal in the bilateral trade agreement discussions are expected to address concerns related to massive goods trade deficits and promote mutually beneficial economic relations between India and the United States.