The first update will be GDP data based on 2022-23 prices, scheduled for release on February 27 alongside the advance estimates. Until then, budget preparations, which rely on the first advance estimates released on January 7, will continue to use the existing series.
Following GDP, the Ministry of Statistics and Programme Implementation (MoSPI) will release updated retail inflation data with a 2023-24 base, tracking price changes for January. In April, the industrial production index with a 2022-23 base will be unveiled, offering a refreshed view of manufacturing trends.
For the first time, a services sector index will also be introduced, estimating the largest component of India’s economy. The index has been under development for nearly two decades and is expected to capture the growing importance of sectors such as logistics, digital platforms, and other new economy activities.
“This revamp is the biggest upgrade in recent years,” said an official familiar with the exercise. Currently, official statistics rely on 2011-12 prices. The consumption basket has shifted significantly since then, with the share of food shrinking and products like smartphones replacing feature phones as mass-consumed items.The revisions also aim to address key gaps in existing data. For instance, food distributed through the public distribution system does not currently contribute to expenditure calculations, since households do not spend out-of-pocket. MoSPI is revising the consumer price index (CPI) to update item weights, refresh the consumption basket, and strengthen the methodology, ensuring a more accurate reflection of real-world spending patterns.Experts say the new data will provide a sharper picture of India’s economy, helping policymakers, businesses, and analysts make better-informed decisions in an era where the digital economy and services play an increasingly dominant role.
With inputs from TOI