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Informist, Thursday, Jan. 15, 2026

 

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--RBI Malhotra: Happy to note MoSPI revising base yr of key macroecon data 
--RBI Malhotra: CPI, GDP, IIP play very vital role in policy-making in RBI 
--RBI Malhotra: CPI key for monetary policy, anchors inflation targetting 
--RBI Malhotra:Updating CPI to reflect consumption patterns more accurately 
--RBI Malhotra: GDP needs to capture evolving structure of India economy 
--RBI Malhotra:GDP needs to capture rising role of svcs, digital activities 
--RBI Malhotra: IIP revision to help assess econ underlying momentum better 
--RBI Malhotra: CPI, GDP, IIP base revision very timely, welcome step 
--RBI Malhotra:CPI, GDP, IIP base revision to facilitate calibrated policies 
--RBI Malhotra: CPI, GDP, IIP base revision to help sustain price stability 
--RBI Malhotra: CPI, GDP, IIP base revision to help improve economic growth

 

NEW DELHI – The ongoing revision of base years for key economic indicators such as the CPI, GDP, and the Index of Industrial Production will help the Reserve Bank of India meet its dual objective of price stability and sustaining economic growth, the central bank Governor Sanjay Malhotra has said.   

 

"It is a very timely and a very welcome step. By strengthening our statistical systems, it will facilitate more calibrated policies. It will help us in sustaining both price stability and improving economic growth," Malhotra said in a video released by the Ministry of Statistics and Programme Implementation Thursday.

 

The statistics ministry is currently revising the three economic indicators with new base years and methodologies after over a decade. The new CPI series with 2024 as base year will be released on Feb. 12 and the new GDP series with 2022-23 (Apr-Mar) base year will be released on Feb. 27. The ministry will release the new IIP series with FY23 as base year in May end. 

 

The current base year of CPI is 2012 and that of GDP and IIP is FY12. The new series of the three indicators will have increased coverage and updated methadologies based on the current economic environment.  

 

"I am very happy to note that MoSPI is revising base year of key macroeconomic indicators," Malhotra said. "Indicators such as CPI, GDP, and IIP play a very vital role in policy-making in RBI."

 

CPI is especially important for the RBI from the perspective of monetary policy because it anchors the flexible inflation targetting framework, the governor said. Updating the base year of CPI will ensure that the index reflects consumption patterns and household spendings more accurately as they have obviously changed over time, he said.

 

"GDP numbers are also very important for us. The GDP needs to capture evolving structure of Indian economy, which has transformed and changed with the rising role of services, digital activities and various new business models," Malhotra said. "The IIP base revision will also help us in improving our assessment of underlying momentum in real economy."  End

 

Reported by Shubham Rana

Edited by Tanima Banerjee

 

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