First GDP growth data with 2022–23 as the base year to be released on Feb 27
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The first GDP growth data based on revised series with 2022 – 23 as the base year will be released on February 27 this year, while the first inflation data with revised base year will be released on February 12, as per the ministry of statistics and programme implementation. The first IIP data with the revised base year of 2022-23 will be released on May 26 this year.
The revised base for calculation of inflation will be 2024, and IIP will be 2022-23.
First advance GDP estimates for FY26 tomorrow
It may be noted that the first advance estimates of GDP for FY 2025-26, scheduled to be released tomorrow, will be based on the current GDP series. However, the later estimates of the fiscal will be issued on the basis of the new series.
Upcoming macro data sets
On February 27, the first advance estimates of GDP for FY 2025-26 along with quarterly estimates of GDP for Q3, FY 2025-26 and the second advance estimates of GDP for FY 2025-26 will be released.
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The union ministry of statistics and programme implementation has been holding consultations with the economists on the proposed changes to the base years for calculation of GDP, IIP and inflation.
Govt to track e-commerce sites for inflation calculation
The new GDP and IIP series with base of year of 2022-23, and CPI inflation series with 2024 as the base year, are likely to see significant improvements in data collection over the current methodology. New inflation series is likely to track prices of items on e-commerce platforms for the purpose of ascertaining inflation data.
GDP calculation will make use of the GST data, data from the unincorporated sector while inflation data collection will be a more advanced tech-based granular data collection factoring in price movements at additional cities and tracking additional items.
Discussions pertaining to these changes took place in the first pre-release consultative workshop on the base revision of GDP, CPI and IIP organized by ministry of statistics and programme implementation (MoSPI) in Mumbai in November. According to a government statement, the workshop aimed at briefing key stakeholders on the proposed revisions ahead of the release of the new series next year. the ministry later held a consultation last month.