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Ministry of Statistics and Programme Implementation (MoSPI) to Reform Key Economic Indicators | Current Affairs | Vision IAS
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Ministry of Statistics and Programme Implementation (MoSPI) to Reform Key Economic Indicators

Posted 31 Jul 2025

2 min read

Key Reforms Proposed

  • Gross Domestic Product (GDP): Updating Base year (Benchmark year for comparison) to 2022-23 from 2011-12 along with bolstering data sources. 
    • E.g., exploring GST, E-Vahan portal, and UPI data in addition to data from Office of Controller General of Accounts (CGA), MCA-21, and RBI. 
  • Index of Industrial Production (IIP): Updating Base year to 2022-23 (from 2011-12). 
  • Consumer Price Index (CPI):  Updating Base year to 2024 (from 2012).
    • Exploring alternative data sources, like online platforms for airfare, rail fare, OTT platforms and administrative records for petrol, diesel and LPG prices, etc. 
  • Conducting Annual Survey of Service Sector Enterprises (ASSSE):  To measure the formal services sector along the lines of the Annual Survey of Industries. 
  • Household Consumption Expenditure Survey (HCES): To be held every three years instead of five. 

Need for the Reforms

  • Capture Changes in Economic Structure: E.g., shift in consumption pattern, sector weight and the incorporation of new sectors.
  • Tapping Varied Data sources: E.g. GST returns for the manufactured products, capture both value and quantities of production. 
  • Real Economic Growth: Revision in Base year captures the real economic growth after removing the effect of inflation. 

Key Economic Indicators

  • GDP: Measures the monetary value of final goods and services produced in a country in a given period of time. 
  • IIP: Compiled and published by Central Statistical Organisation (CSO) covering mining and quarrying, manufacturing and Electricity. 
  • CPI: Macroeconomic indicator of inflation measuring changes in general price level of goods and services meant for households consumption. 
  • Tags :
  • CPI
  • MoSPI
  • Base Year
  • GDP
  • IIP
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