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Informist, Wednesday, Aug. 20, 2025

 

NEW DELHI - The government will release the revised Index of Industrial Production series with the new base year of 2022-23 on May 28, the Ministry of Statistics and Programme Implementation said on Wednesday. The government will also release the new CPI series with 2024 as the base year on Feb. 12 and the new GDP series with 2022-23 base year on Feb. 27.

 

This will be the first time these economic indicators will be updated in nearly a decade. GDP and CPI series were last updated in 2015 and the IIP series was last revised in 2017. Currently, GDP and IIP have 2011-12 as the base year, while the CPI base year is 2012.

For the new CPI series, the government will derive weights and item basket from the household consumption expenditure survey 2022-23 (Aug-Jul). "MoSPI under advice of the experts, is systematically strengthening the data sources, to better capture the size and dynamics of the Indian economy and its activities," the ministry said in a post on X. 

 

The government is also looking to update the WPI series, which is released by the commerce ministry. The government has set up a working group to revised the WPI base year to 2022-23 from the current 2011-12, but it has not announced any timeline for when the new series will be launched. The working group is also tasked with suggesting a commodity basket for a new Producer Price Index, which will also have 2022-23 base year, and also its computational methodology.

 

Over the last year, the statistics ministry has taken several measures to improve the timeliness of its surveys and release of economic indicators. The ministry was heavily criticised by experts, including the Economic Advisory Council to the Prime Minister, about the robustness and accuracy of India's statistical system, including surveys undertaken by the National Sample Survey Office.

 

The ministry has advanced the release date for IIP to the 28th of the subsequent month. This has reduced the lag in publishing the data to four weeks from six weeks earlier. The ministry has also changed the time of release of GDP, CPI, and IIP to 1600 IST from 1730 IST. It now also releases monthly unemployment data for both rural and urban areas, and not just quarterly data for urban areas alone, as was the practice previously.  End

 

Reported by Shubham Rana

Edited by Vandana Hingorani

 

 

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