MoSPI Outlines Planned Updates to GDP, CPI and IIP Ahead of Base Year Revision

India is preparing to update the statistical frameworks that guide its key economic indicators, with MoSPI outlining planned revisions to the GDP, CPI and IIP series. 

The proposals were discussed during a consultative workshop held in Mumbai on 26 November 2025. 

The initiative seeks to align national statistics with current economic conditions by enhancing data sources, expanding coverage and refining classifications.

Proposed Revisions to the GDP Framework

MoSPI plans significant changes to how GDP figures are compiled under the forthcoming 2022–23 base year.

Turnover information from corporate filings will help determine the activities of firms that operate across multiple sectors.

GST records will assist in updating the list of private companies and improving regional distribution of Gross Value Added.

For the unincorporated sector, productivity data from the Annual Survey of Unincorporated Sector Enterprises will be combined with employment estimates from the Periodic Labour Force Survey. This will replace the current approach that relies largely on indicator-based extrapolation.

Expanded Coverage for the CPI

The revised Consumer Price Index aims to include a broader set of towns, markets and consumption categories.

MoSPI plans to adopt the COICOP 2018 classification and integrate administrative and online data sources.

These changes are intended to offer more detailed tracking of price movements and support clearer assessments of household spending.

Updates Planned for the IIP

The Index of Industrial Production will see an update to its item basket to better represent ongoing industrial activity.

Inactive units in the sample will be replaced by operational ones, and items previously lacking clear classification will be reassigned appropriately.

The overall effort is directed at ensuring the index reflects changes in industrial processes and output patterns.

MoSPI’s Broader Objective

According to MoSPI Secretary Saurabh Garg, the reforms form part of a wider plan to strengthen the national statistical system, as per news reports.

The focus is on improving timeliness, expanding coverage, increasing data granularity and incorporating modern technological tools.

These enhancements are intended to support evidence-based decision-making across government and industry.

As per news reports, economists note that the updated methodology may affect baselines for economic indicators and provide policymakers and investors with more reliable assessments of growth, production and inflation trends.

Read More: Finance Minister Holds 13th Pre-Budget Consultation with Social Sector Experts.

Conclusion

The proposed revisions to GDP, CPI and IIP are part of India’s ongoing efforts to update its economic measurement frameworks. By broadening coverage, refining classifications and incorporating additional data sources, the changes aim to provide a more accurate representation of the economy. 

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