Govt proposes 2022-23 as new base year for GDP and IIP: Minister

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The government has proposed 2022-23 as new base year for the Gross Domestic Product (GDP) and Index of Industrial Production (IIP), and 2024 for Consumer Price Index (CPI), Parliament was informed on Wednesday.

"The Ministry is underway to revise the base year of GDP, IIP and CPI. The base year is revised periodically to better capture the structural changes happening in the economy by updating the methodology of compilation and incorporation of new data sources," Minister of State for Statistics & Programme Implementation said in a written reply to Lok Sabha.

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.

The Ministry has also 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 i.e., 8th EC is yet to be taken, he stated.