GDP Base Year Change: The Ministry of Statistics and Program Implementation on Monday said it will release a new series of key macroeconomic data on retail inflation, national accounts and industrial production next year, with the base year changed. The ministry said in the statement that it will release a new series related to retail inflation and national accounts based on Consumer Price Index in February 2026. Whereas the new series of Index of Industrial Production (IIP) will be released in May 2026.

According to the official statement, a consultation workshop will be organized on Tuesday regarding the change in the base year of Gross Domestic Product (GDP), Consumer Price Index (CPI) and Industrial Production Index (IIP).

Ministry statement

Before this, the first workshop was organized in Mumbai on 26 November. The ministry said that the base year of the new series of retail inflation will be 2024 and it will be released on February 12, 2026. At the same time, the data related to national accounts will be released on February 27, 2026, considering the financial year 2022-23 as the base year.

Apart from this, the base year of the new series of IIP will also be 2022-23. Which will be released on May 28, 2026. The ministry said that the main objective of the consultation workshop on change in base year is to share the methodological and structural changes proposed under the base year revision of GDP, CPI and IIP and to receive suggestions and comments from the participants.

The base year of inflation will be 2024

This will help users understand the changes in the revised series. The workshop will see participation from eminent economists, experts from financial institutions and banking sector, case experts, users of key statistical data and senior officials of Central and State Governments.

In this workshop, Vice Chairman of NITI Aayog Suman K. Berry will attend as the chief guest. Apart from this, Chief Economic Advisor V. Ananth Nageswaran, Ministry Secretary Saurabh Garg and Central Statistics Director General N. Of. Santoshi will also be present.

Also read: Employees working in this company are getting a flat worth Rs 1.50 crore, know the complete details

India’s GDP Growth: Despite global economic uncertainties, high US tariffs and international market turmoil, the Indian economy is growing at a fast pace. Rating agency India Ratings and Research (Ind-Ra) has said in its latest estimate that India’s GDP may grow at the rate of 7.2% in the second quarter of the financial year 2025-26.

The fastest growth will be seen in the second quarter

The rating agency says India’s real gross domestic product (GDP), measured on the base year of 2011-12, will grow at the fastest pace in the last five quarters. The National Statistical Office (NSO) will release official GDP figures on November 28.

Main basis of growth – Private Consumption

Paras Jasrai, Chief Economist and Managing Director of India Ratings and Research, said that increase in private consumption is the main reason for GDP growth. “There has been improvement in the real income of both high and low income groups, which has increased demand.”

Contribution of infrastructure and service sector

According to the agency, the strong position of the infrastructure sector, increase in goods and services exports and strength of the services sector have also boosted the growth in the second quarter. Private consumption is estimated to grow by 8% in the second quarter of the financial year 2025-26. Whereas in the first quarter of last year it was 7% and in the second quarter it was 6.4%.

The agency says that the income tax cut by the government has played an important role in increasing consumption demand. However, if purchase decisions had not been postponed due to the rationalization of GST rates, there would have been an even sharper jump in consumption.

7.5% increase in investment demand

According to the statement, investment demand has also increased at the rate of 7.5% on an annual basis. Stable capital expenditure of the government is playing an important role in maintaining this growth.

Also read: Legal notice to Google, accusing it of stealing users’ data by using Gemini AI