**Policy Summary: Revision of Base Years for Key Economic Indicators**
The Ministry of Statistics and Programme Implementation (MoSPI), Government of India, is undertaking a revision of the base years for the Gross Domestic Product (GDP), Index of Industrial Production (IIP), and Consumer Price Index (CPI). This revision is a periodic exercise to better reflect structural changes in the economy through updated methodologies and incorporation of new data sources.
The proposed new base year for both GDP and IIP is 2022-23. For CPI, the proposed new base year is 2024, utilizing item lists and weights derived from the Household Consumption Expenditure Survey of 2023-24.
Furthermore, MoSPI conducted a Forward-Looking Survey on Private Corporate Sector CAPEX Investment Intentions from November 2024 to January 2025, and the findings have been published. A Pilot Study on the Annual Survey of Services Sector Enterprises (ASSSE) has also been completed to gain insights into the Incorporated Service Sector. A decision regarding the 8th Economic Census is pending.
Key Entities Referenced
Ministry of Statistics and Programme Implementation: The Indian government ministry responsible for statistics, and programme implementation.
Lok Sabha: The lower house of the Parliament of India.
Gross Domestic Product: A monetary measure of the market value of all the final goods and services produced in a specific time period.
Index of Industrial Production: An index which shows the growth rates in different industry groups of the economy in a fixed period.
Consumer Price Index: A price index that measures the change in prices paid by consumers for a basket of goods and services.
Economic Census: A census of all economic establishments located within the geographical boundaries of India.
Rao Inderjit Singh: Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation, Minister of State (Independent Charge) of the Ministry of Planning and Minister of State in the Ministry of Culture.
Household Consumption Expenditure Survey: A survey conducted to collect information on the consumption expenditure of households.
GOVERNMENT OF INDIA
MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION
LOK SABHA
UNSTARRED QUESTION NO. 2927
TO BE ANSWERED ON 06.08.2025
FIX BASE YEAR FOR GDP, IIP AND CPI
2927. DR. C M RAMESH:
Will the Minister of STATISTICS AND PROGRAMME IMPLEMENTATION be
pleased to State:
(a) whether the Government has undertaken the exercise to revise the base
year of Gross Domestic Product (GDP), Index Industrial Production (IIP) and
Consumer Price Index (CPI), if so, the details thereof, along with reasons
therefor;
(b) the base year proposed to be fixed by the Government for GDP, IIP and
CPI;
(c) the items of basket taken for CPI and the manner in which it is different
from the existing basket; and
(d) whether the Government is going to take up the Economic Census,
service sector survey and private capex survey, if so, the details thereof
including the timeline?
ANSWER
MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF
STATISTICS AND PROGRAMME IMPLEMENTATION, MINISTER OF STATE
(INDEPENDENT CHARGE) OF THE MINISTRY OF PLANNING AND MINISTER
OF STATE IN THE MINISTRY OF CULTURE (RAO INDERJIT SINGH)
(a): Yes Sir, the Ministry is underway to revise the base year of Gross Domestic
Product (GDP), Index Industrial Production (IIP) and Consumer Price Index (CPI).
The base year is revised periodically to better capture thestructural changes happening in the economy by updating the methodology
of compilation and incorporation of new data sources.
(b): The proposed new base year for the GDP and IIP is 2022-23, and for CPI
the proposed base year is 2024.
(c): For the CPI, list of items and their respective weights derived from the
Household Consumption Expenditure Survey of 2023-24 is used in the revised
index.
(d): The Ministry has conducted its first Forward-Looking Survey on Private
Corporate Sector CAPEX Investment Intentions from November 2024 to
January 2025 and the findings of the survey have been published. The
Ministry has also conducted a Pilot Study on Annual Survey of Services
Sector Enterprises (ASSSE) to capture insights into the Incorporated Service
Sector. The decision to conduct the next Economic Census i.e., 8th EC is yet
to be taken.
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