New Delhi, 22 December (Udaipur Kiran) – The central government has announced changes in the base year for key economic indicators. Starting February next year, new series for retail inflation and Gross Domestic Product (GDP) data will be released, followed by updated Industrial Production Index (IIP) data from May.
The Ministry of Statistics and Programme Implementation informed on Monday that the revised series for retail inflation rate, national accounts, and industrial production index will be published next year with an updated base year. A consultation workshop regarding the change in the base year for GDP, Consumer Price Index (CPI), and IIP will be held on 23 December at Bharat Mandapam in New Delhi. An initial workshop was conducted on 26 November in Mumbai.
The workshop will include leading economists, experts from financial institutions and the banking sector, key users of statistical data, and senior officials from central and state governments. Suman K. Bery, Vice Chairman of NITI Aayog, will be the chief guest. Chief Economic Advisor V. Anantha Nageswaran, Ministry Secretary Saurabh Garg, and Central Statistics Office Director General N.K. Santoshi will also attend.
According to the ministry, the new series for retail inflation will have a base year of 2024 and will be released on 12 February. National accounts data will be revised with the base year 2022-23 and released on 27 February. The new IIP series will also have 2022-23 as the base year and will be published on 28 May. The main purpose of the consultation workshop is to share proposed methodological and structural changes under the base year revision for GDP, CPI, and IIP, and to gather suggestions and feedback from participants. This will help users better understand the changes in the revised series.
(Udaipur Kiran)
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
