India likely to introduce new GDP, CPI, and IIP Series from FY26, say sources

It’s official: The government has decided to revise the base year for GDP estimates to 2022-23, up from the current base year of 2011-12. As reported by CNBC-TV18 in June, the 26-member Advisory Committee on National Accounts has been tasked with computing not only the new GDP series but also the CPI, IIP, WPI, and PPI (Producers Price Index).

The new GDP series will likely be rolled out from February FY26, according to sources. It will cover the FY26 Q3 estimate, FY26 second advance estimate, FY25 first revised estimate, and FY24 second revised estimate. Additionally, a new Consumer Price Index (CPI) series for inflation is also expected to be implemented from February FY26.

The Index of Industrial Production (IIP) may also see a new series introduced, slated for March FY26. Various panels are currently deliberating issues related to base year revisions.

Regular updates to base years for economic metrics are essential to capturing evolving consumption patterns, sectoral dynamics, and emerging industries. The revisions aim to provide a clearer picture of the economy, enhancing the quality of data used for analysis and decision-making.

Panels of experts are currently deliberating the methodologies for these updates to ensure they comprehensively reflect the economy’s transformation. This includes addressing challenges like incorporating new data sources and aligning with international statistical standards.