Big news for economists and policymakers: India is set to debut upgraded GDP, CPI, and IIP series following a deep-dive review into data efficacy. Disclosed by Rao Inderjit Singh in Parliament, the changes aim for heightened precision and cross-border compatibility.
Release timeline is locked—CPI on February 12 (base 2024), GDP on February 27 (2022-23), IIP on May 28 (2022-23). MoSPI’s comprehensive exercise, monitored by expert panels from universities, governments, RBI, and institutions, overhauled formulas, data sourcing, and weighting.
Spotlight falls on better representation of burgeoning services and informal economies. Adhering to IMF SDDS, the framework stresses availability, timeliness, accessibility, and quality.
Past enhancements have already fortified data reliability. This unified launch exemplifies transparency and collaborative ethos. New bases will delineate true economic contours, aiding rural-urban consumption analysis.
Ultimately, these strides will refine governance, from policy design to public awareness. As India surges forward, fortified statistics will anchor strategic choices, sustaining momentum in a competitive global arena.