The Ministry of Statistics and Programme Implementation (MoSPI) organised the Third Pre-Release Consultative Workshop on the Base Revision of Gross Domestic Product (GDP), Index of Industrial Production (IIP) and Consumer Price Index (CPI) on 30 January 2026 in Chennai. The workshop forms part of MoSPI’s structured engagement with stakeholders to strengthen transparency, methodological rigor and broad-based consultation ahead of releasing revised official statistics.
Objective and Timeline for New Series
The primary objective of the consultative workshops is to share proposed methodological and structural improvements with data users before the release of revised series.
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GDP and IIP will adopt FY 2022–23 as the base year, with releases scheduled for 27 February 2026 (GDP) and 28 May 2026 (IIP).
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CPI will shift to base year 2024, with the new series scheduled for release on 12 February 2026.
The first two workshops were held in Mumbai (26 November) and New Delhi (23 December), underscoring MoSPI’s commitment to iterative consultation.
Eminent Dignitaries and Broad Participation
The inaugural session was graced by C. Rangarajan, Chairman, Madras School of Economics, former Chairman of the Economic Advisory Council to the Prime Minister and former Governor of the Reserve Bank of India. Other dignitaries included Rajeeva Laxman Karandikar, Chairman, National Statistical Commission; Saurabh Garg, Secretary, MoSPI; Shamika Ravi, Member, Economic Advisory Council to the Prime Minister; and N. K. Santoshi, Director General (Central Statistics).
Around 150 participants attended, including eminent economists, academics, experts from financial institutions such as the Reserve Bank of India, Barclays and Goldman Sachs, representatives from NITI Aayog, research institutions, and senior officials from Central and State Governments.
Reliable and Transparent Data for Sound Policy
In his address, Dr. C. Rangarajan emphasised that reliable, transparent and scientifically rigorous data are central to sound policy-making. He described the pre-release consultations as a positive step to enhance the credibility and usefulness of official statistics, noting that GDP revisions are essential to reflect structural changes in India’s evolving economy. He underlined the importance of transparent methodology and well-interpreted data for informed decision-making.
Data-Driven Governance and Accessibility
Setting the context, Dr. Saurabh Garg highlighted the need for timely, granular and user-friendly data to support evidence-based policy formulation. He outlined MoSPI’s focus on alternative data sources, dataset harmonisation, and enhanced dissemination— including mobile applications and data assistance services—to widen access and awareness.
In her keynote address, Dr. Shamika Ravi stressed that India’s rapid structural transformation requires official statistics to adapt in coverage, quality and accessibility. She noted that data gains credibility when it is widely used and easily accessible, commending MoSPI’s reforms to strengthen the statistical system.
Prof. Rajeeva Laxman Karandikar described data as a national asset, calling for greater sharing and accessibility. He emphasised that India’s statistical system must become more timely, forward-looking and user-oriented, and praised MoSPI’s initiatives such as new surveys, expanded coverage and updated classifications.
Technical Sessions and Open Consultation
The inaugural session was followed by three technical sessions—
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GDP (chaired by Prof. Biswanath Goldar, Institute of Economic Growth),
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IIP (chaired by Prof. Mridul K. Saggar, IIM Kozhikode), and
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CPI (chaired by Shri Ashish Kumar, former DG, MoSPI).
Each session presented proposed improvements in the revised series, followed by open-house discussions where participant queries were addressed. Discussion papers detailing the proposed changes are available on MoSPI’s website, and users have been invited to submit feedback and suggestions.
Conclusion
The Chennai workshop reaffirmed MoSPI’s commitment to transparent, consultative and methodologically robust statistical reforms. By engaging stakeholders ahead of release, the Ministry aims to ensure that revised GDP, IIP and CPI series accurately reflect India’s economic realities and effectively support data-driven policy-making.
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Source: PIB
