For GDP, a new series is scheduled to be released on February 27, 2026 with the fiscal year 2022 23 with a basic year

With the government’s focus on decisions that depend on data, obtaining time statistics has become very important, and the Ministry of Statistics and Implementation of Programs (MOSPI) work on many investigative studies. In an interview with Business Today, Saurabh Garg, MOSPI Secretary, says that the new GDP will be released on February 27, 2026, with the fiscal year 2022-23 with the basic year. It also talks about updating the consumer price index indicators and IIP. Excerpts edited:

BT: The statistical system in India was completely fixed with frequent delay. But in the past few years, MOSPI has released many investigative studies and is working on several other polls in addition to updating indicators. How was this change? What other changes are planned to maintain the statistical system in India?

Surab Garg: Since the government gives great importance to decisions that depend on data, the role of MOSPI becomes very important. One of the important aspects that helped to bring the survey data faster is that at the present time, the National Statistical Office (NSO) collects data in the national sample surveys (NSS) by tablets through a personal interview with a computer or Capi. There is no further collection of pen and paper mode data in NSO surveys. With this intensive use of technology, annual survey reports are released within 90 days and quarterly survey reports within 45 days after completing surveys.
Efforts are also taking place to enable the generation of scanning estimates at the boycott level, to replace the current practice of providing estimates at the state level.

To support this, the design of a sample of MOSPI surveys has been reviewed to include provisions to generate estimates at the boycott level by the states and union regions. The frequency of investigative studies is enhanced, such as PLFS results that are now released monthly at the level of India for both rural and urban areas. Efforts are also to issue use results every three months.

To meet the needs of the emerging and varied data of a wide range of stakeholders, the ministry will also launch new surveys, including the annual survey of the service institutions (ASSE), which will provide valuable visions in the integrated services sector in the economy, and it is scheduled to start in January 2026. Moreover, a technical expert team (TEG) has been established to direct the ministry to conduct a survey of the distribution of India income, the initial plan is planned for the year 2026.

BT: Can you share some details about the update of the GDP basic year, including which year will be used as an essential year, and when will the exercise be completed?

For GDP, a new series is scheduled to be released on February 27, 2026 with the fiscal year 2022-23 with the basic year. To calculate the gross domestic product with the revised rule, in addition to using data from the General Control Unit Office (CGA), MCA-21, and the Indian Reserve Bank, the Ministry explores the enhanced use of commodity and services tax data

BT: The Ministry is also working on updating the Consumer Prices Index (CPI) in terms of the basic year as well as basket. Among the polls of domestic consumer, which are used by MOSPI for exercise, and what is the basic year of the new consumer price index?

As for the consumer price index, the year 2024 was determined as the essential year, where the basket of the elements and the weight of the elements will be determined based on the NSO expenditures in NSO) in 2023-24. The new CPI series is expected to be published from the first quarter of 2026.

BT: One of the concerns related to the industrial production index (IIP) was the fluctuation of data and changes in the review. How to take care of this in the continuous IIP review exercise?

For IIP, 2022 -23 was determined as a revised rule. IIP will be launched on the revised base from 2026-27. In the case of IIPS, NSO senses the source agencies regularly to interact with production units in terms of providing data in a timely manner. Most source agencies turn towards online data collection platforms for factory units, and the extent and size of reviews in IIP estimates are expected to decrease in the near future.

BT: Will the ministry look at the most common update of data indicators, given that these reviews were suspended for a few years?

MOSPI explores the experimental assembly of the chain -based IIP to improve the response to structural changes. The element basket and factory frame for the new IIP series will be chosen using the latest data for the annual industries scan (ASI) 2022-23. HES is the basis for updating the base of the consumer price index. It has now been decided to make HESS almost every 3 years. Accordingly, the consumer price index review will be implemented.

Regarding GDP, annual data is available in government expenditures and private companies. However, for the large informal sector in India, estimates depend on the various survey results. Attempts are made to increase the frequency of investigative studies. With more data sets available, a review of the GDP base can be done repeatedly.