MoSPI proposes new base years for IIP, GDP & CPI
The government plans to update the base years for key economic indicators. The Index of Industrial Production (IIP) and Gross Domestic Product (GDP) will shift to a 2022-23 base year, while the Consumer Price Index (CPI) will be rebased to 2024.
Agencies Image for representation The government has proposed 2022-23 as the new base year for the Index of Industrial Production (IIP) and Gross Domestic Product (GDP), and 2024 for the Consumer Price Index (CPI), Parliament was informed on Wednesday.Currently, the base year for both IIP and GDP is 2011-12, while it is 2012 for CPI. The new CPI will draw weight of items from the Household Consumption Expenditure Survey 2023-24."The Ministry is underway to revise the base year of GDP, IIP, and CPI," MoS for Statistics and Programme Implementation Rao Inderjit Singh informed Lok Sabha. "The base year is revised periodically to better capture the structural changes happening in the economy by updating the methodology of compilation and incorporation of new data sources, he added.The CPI, which tracks monthly retail prices of goods and services across 1,181 rural and 1,114 urban markets, will expand its coverage to 2,900 markets, ET reported earlier.The new series will also include e-commerce price trends and online streaming services data.The revised GDP series will source data from Goods and Service Tax (GST), Public Finance Management System, and Vahan portal. It will also include Unified Payments Interface (UPI) transaction data, ET reported in December 2024.
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