The Government of India has announced a major update to the country’s core macroeconomic indicators. From February 2026 new data series for retail inflation and GDP will be released. Which followed by a revised Index of Industrial Production (IIP) series in May 2026. The move is aimed at improving data accuracy and ensuring that official statistics better reflect the current structure of the Indian economy.
Releasing the New Data Series
- The announcement was made by the Ministry of Statistics and Programme Implementation (MoSPI).
- The ministry is responsible for compiling and publishing India’s key economic indicators such as GDP, CPI, and IIP.
- MoSPI said the revised series will be released after extensive consultation with economists, policymakers, and data users.
Timeline for New Economic Data Series
The government has clearly outlined the rollout schedule,
Retail Inflation (CPI):
- New base year: 2024
- Release date: February 12, 2026
GDP / National Accounts:
- New base year: 2022–23
- Release date: February 27, 2026
Index of Industrial Production (IIP):
- New base year: 2022–23
- Release date: May 28, 2026
These updates will replace the existing base-year series currently in use.
Why Are Base Years Being Revised?
Base-year revisions are a standard global practice in economic statistics. Over time, economies undergo structural changes due to,
- Shifts in consumption patterns
- Growth of new industries and services
- Changes in technology and production processes
- Updated data sources and improved methodologies
India last revised some of these series several years ago. Updating the base years ensures that indicators like GDP growth and inflation reflect present-day realities more accurately.
Consultative Workshop
MoSPI is holding a pre-release consultative workshop to discuss,
- Proposed methodological changes
- Structural adjustments in GDP, CPI, and IIP calculations
- New data sources and coverage improvements
This follows an earlier consultation held in Mumbai on November 26, 2025. Feedback from stakeholders will help finalise the revised series.
Key Participants
The workshop will include a wide range of stakeholders, such as,
- Leading economists
- Banking and financial sector experts
- Users of official statistics
- Senior officials from central and state governments
Key attendees include,
- Suman K Bery, Vice Chairman, NITI Aayog
- V Anantha Nageswaran, Chief Economic Advisor
- Saurabh Garg, Secretary, MoSPI
- N K Santoshi, Director General (Central Statistics)
Significance For Revision
The new data series will,
- Improve policy formulation and economic planning
- Offer a clearer picture of inflation trends and growth drivers
- Help investors, analysts, and global institutions assess India’s economy more accurately
- Enhance transparency and international comparability
- Accurate macroeconomic data is critical for monetary policy, fiscal decisions, and long-term development planning.
Key Takeaways
- India will roll out new CPI and GDP data series from February 2026.
- A new IIP series will be released in May 2026.
- CPI will use 2024 as the base year; GDP and IIP will use 2022–23.
- The revision aims to reflect structural changes in the economy.
- MoSPI is consulting economists and stakeholders before finalising changes.
- The move will improve data accuracy, policy decisions, and economic transparency.
Question
Q. The new base year for retail inflation (CPI) will be:
A. 2022
B. 2023
C. 2024
D. 2025
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