New Base Year for GDP, IIP & CPI — Early 2026

Current Context : The Ministry of Statistics and Programme Implementation (MoSPI) has announced that from early 2026, India’s key economic indicators will be re-benchmarked to more recent base years: GDP and IIP to 2022–23, and CPI to 2024.

ABOUT BASE YEAR REVISION

• Advisory Committee: In 2024, MoSPI formed a 26-member Advisory Committee on National Accounts Statistics, chaired by economist Biswanath Goldar, to recommend new base years.

GDP:

• Definition: The total monetary value of all final goods and services produced within a country’s borders during a specific period (quarter/financial year).
• Current Base: 2011–12; revision to 2022–23 will better reflect new sectors (digital, services) and price structures.
• New series to be released on 27 February 2026.

Index of Industrial Production (IIP)

• Definition: A monthly index measuring the volume of production in the industrial sector—covering mining, manufacturing, and electricity.
• Composition : Manufacturing ~77%, Mining ~14%, Electricity ~9%.
• New IIP series will roll out from 2026–27 

Consumer Price Index (CPI)

• Definition: A monthly index tracking average change in prices paid by consumers for a fixed basket of goods and services.
• Types in India : CPI-Rural (CPI-R), CPI-Urban (CPI-U), CPI-Combined (CPI-C), CPI-Industrial Workers (CPI-IW).
• Components : Food & beverages, Housing, Clothing, Fuel & light, Miscellaneous.
• Base year updated to 2024, with new item basket and weights derived from the Household Consumer Expenditure Survey 2023–24.
• Expected publication from Q1, 2026.