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MoSPI has revised the base year for GDP and IIP from 2011-12 to 2022-23 to better reflect the current structure of the Indian economy.
The Consumer Price Index (CPI) base year has been updated from 2012=100 to 2024=100.
National Sample Surveys have been modernized using digital platforms like Computer Assisted Personal Interview (CAPI) and e-SIGMA, drastically reducing data release times.
| Indicator | Old Base Year | New Base Year | Guiding Body |
|---|---|---|---|
| Gross Domestic Product (GDP) | 2011-12 | 2022-23 | Advisory Committee on National Accounts Statistics (ACNAS) |
| Index of Industrial Production (IIP) | 2011-12 | 2022-23 | Technical Advisory Committee on IIP |
| Consumer Price Index (CPI) | 2012=100 | 2024=100 | Dedicated Expert Group |
The statistics wing of MoSPI responsible for compiling and releasing macroeconomic indicators like GDP, IIP, and CPI.
A base year is a reference point used to compare economic data over time. Revising it ensures that indices account for new consumption patterns, emerging industries, and modern data sources (like GST records), giving a truer picture of real economic growth.
GS Paper 3 > Indian Economy > Macroeconomics
General Awareness > Economic Concepts
Index of Industrial Production, a composite indicator measuring changes in the volume of production of industrial products during a given period.