Ministry of Statistics and Programme Implementation (MoSPI) revises India’s Gross Domestic Product (GDP) base year to 2022–23

Key facts

• The Ministry of Statistics and Programme Implementation (MoSPI) has updated the base year for India’s Gross Domestic Product (GDP) from 2011–12 to 2022–23.
• The updated GDP series was officially released on 27 February 2026 and utilises the National Industrial Classification (NIC)-2025 for expanded coverage of economic activities.
• The base year for the Index of Industrial Production (IIP) has also been revised to 2022–23 to reflect the current industrial structure and manufacturing output.
• The Consumer Price Index (CPI) 2024 series now employs Computer Assisted Personal Interviewing (CAPI) for digital data collection through handheld devices.
• The Wholesale Price Index (WPI) system has been modernised with secure online data transmission and real-time submission of price data for improved verification.
• MoSPI has introduced nowcasting techniques to estimate current economic performance using high-frequency indicators such as GST collections, electricity consumption, and bank credit growth.
• The Economic Survey 2025–26 presents a framework that combines high-frequency indicators to estimate GDP growth in near real-time.
• Key indicators used for economic monitoring include railway freight, port cargo traffic, and the Manufacturing and Services Purchasing Managers' Index (PMI).