MoSPI proposes new base year for GDP, IIP, CPI
Minister of State for Statistics & Programme Implementation (MoSPI) has said that the ministry is underway to revise the base year of Gross Domestic Product (GDP), Index Industrial Production (IIP) and Consumer Price Index (CPI). In order to capture the structural changes happening in the economy, the base year is revised periodically by updating the methodology of compilation and incorporation of new data sources.
The year 2022-23 has been proposed as new base year for the GDP and IIP, meanwhile, for CPI the proposed base year is 2024. 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.
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. Further, ministry has 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 is yet to be taken.
