India’s statistical system has undergone a major update with the revision of the Gross Domestic Product (GDP) base year from 2011-12 to 2022-23. The revised estimates were released on 27 February 2026. The update aims to make national accounts, industrial output and price indices more representative of the current economy by using newer data sources, updated classifications and improved methods aligned with international recommendations.
GDP Base Year Revision
The revised GDP series uses the 2022-23 base year and incorporates:
- New administrative and survey data sources.
- Methodological and conceptual improvements.
- Latest economic activity classification through National Industrial Classification (NIC)-2025.
- Better measurement of corporate and unincorporated sectors.
These changes are intended to improve the accuracy and reliability of GDP estimates and strengthen their value for policy support.
Updated Industrial Output Measurement
The new Index of Industrial Production (IIP) series also uses 2022-23 as the base year. It has wider coverage of industries and products, with updated weights based on more detailed and recent data. The revised index is designed to better reflect the present structure of industrial activity and improve the precision of industrial growth measurement.
Price Indices and Data Collection
The Consumer Price Index (CPI) 2024 series introduces Computer Assisted Personal Interviewing (CAPI) for price data collection. This system uses handheld devices with validation checks, standardised item specifications and real-time monitoring. It is expected to improve data quality, timeliness and consistency. The Wholesale Price Index (WPI) system has also been modernised through secure online data transmission, enabling real-time submission, monitoring and validation of price data.
High-Frequency Indicators and Nowcasting
The government is increasingly using high-frequency indicators and nowcasting techniques for real-time monitoring of economic activity. The Economic Survey 2025-26 presents a nowcasting framework that uses indicators such as electricity consumption, GST collections, e-way bills, PMI, railway freight, air passenger traffic, bank credit growth, port cargo traffic and trade data. The Monthly Economic Review also uses these indicators to assess macroeconomic trends and support evidence-based policymaking.
Last Modified: April 29, 2026