Ministry of Statistics and Programme Implementation undertakes periodic methodological reviews of statistical framework to ensure official statistics remain representative of current structure of economy

Key Highlights:

• The Ministry of Statistics and Programme Implementation (MoSPI) periodically reviews its statistical framework to ensure official statistics reflect the current economy.
• Base year for Gross Domestic Product (GDP) and All India Index of Industrial Production (IIP) revised from 2011-12 to 2022-23.
• Base year for Consumer Price Index (CPI) revised from 2012=100 to 2024=100.
• Revisions incorporate updated data sources, methodologies, and administrative data like GST and MCA database.
• National Sample Surveys (NSS) have been modernized using digital platforms such as Computer Assisted Personal Interview (CAPI) and e-SIGMA system.
• Modernization efforts have significantly reduced data release time lag and improved data quality.

Detailed Insights:

• The reviews aim to ensure official statistics remain representative of the economy and meet emerging data requirements.
• The GDP base year revision was based on recommendations from the Advisory Committee on National Accounts Statistics (ACNAS).
• The IIP base year revision was guided by the Technical Advisory Committee on IIP.
• The CPI base year revision was guided by an Expert Group constituted for the purpose.
• Revisions also include expanded coverage, revised item baskets, and improved estimation of the unincorporated sector using Annual Survey of Unincorporated Sector Enterprises (ASUSE) and Periodic Labour Force Survey (PLFS).
• Extensive consultations with experts, academicians, State Governments, and stakeholders were held for the base revision exercises.
• NSS methodologies are continuously updated based on recommendations from the Steering Committee for National Sample Surveys (NSS) and other expert groups.
• Digital platforms for NSS incorporate features like in-built validation checks, real-time data monitoring, AI-enabled chatbots, and multilingual interfaces.
• Short duration surveys have been launched to cater to the emerging need for high-frequency socio-economic indicators.
• The sampling design of major surveys has been modified to adopt the district as the basic stratum, enabling district-level estimates.

Key Concepts Involved:

• Gross Domestic Product (GDP): The total monetary value of all finished goods and services produced within a country's borders in a specific time period.
• Index of Industrial Production (IIP): An index that measures the changes in the volume of production of industrial products in an economy.
• Consumer Price Index (CPI): A measure that examines the weighted average of prices of a basket of consumer goods and services, used to gauge inflation.
• Base Year: A reference year for comparison in economic indices, chosen for its economic stability and normalcy.