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.

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India’s Index of Industrial Production: This news is going to give relief for the Indian economy facing the American tariff. In July, there has been a 3.5 percent increase in industrial production of the country. This is the highest increase in the last four months. The main reason for this surge was the better performance of the manufacturing sector.

On Thursday, the official data released by the National Statistics Office (NSO) stated that the Industrial Production Index (IIP) increased by 3.5 percent in July. This is the highest level after the 3.9 percent increase recorded in March this year. However, in July 2024, industrial production had increased at the rate of 5 percent, that is, this time the growth on an annual basis has been slightly slow.

Meanwhile, NSO has kept the growth rate of industrial production for June 2025 stable at 1.5 percent. This figure is the same as the temporary estimate released last month.

Why increased speed?

In July 2025, the growth rate of manufacturing sector was 5.4 percent, compared to 4.7 percent in the same month last year. However, the mining sector recorded a huge decline of 7.2 percent. A year ago, it increased by 3.8 percent in the same period. There was also a big decline in power generation. While power generation increased by 7.9 percent in July 2024, it was only 0.6 percent in July 2025.

FY

The country’s total industrial production increased by only 2.3 percent in the first four months (April-July) of FY 2025-26. Whereas in the same period last year, it was 5.4 percent. It is clear that at the beginning of the current financial year, the pace of industrial activities has been relatively slow.

Significantly, this increased news has come at a time when 50 percent US tariffs have been effective on India since August 27, one day ago. However, many efforts are being made by the government to deal with it. But, it is being said that due to this high tariff, business related to labor -oriented employment such as clothes, leather, footwear, gems and jewelery can be affected.

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India’s Industrial Production Growth: Due to weak performance of manufacturing, mining and power sectors, India’s industrial production growth rate was sluggish in the month of April to 2.7 percent. According to the official data released on Wednesday, the industrial production measured in terms of the Industrial Production Index (IIP) increased by 5.2 percent in April last year i.e. 2024. The National Statistics Office (NSO) has revised the estimate of industrial production growth for March to 3.9 percent, while the estimate was stated to be 3 percent last month.

Speed ​​of sluggish industrial production

India’s industrial production growth rate was 2.7 percent in February. According to NSO data, the production growth of manufacturing sector decreased slightly to 3.4 percent in April, which was 4.2 percent in this month a year ago. Mining production declined by 0.2 percent, while there was an increase of 6.8 percent a year ago.

According to the news agency PTI, the increase in power generation also slowed down to one percent in April, 2025, compared to 10.2 percent in the same period a year ago. According to the use-based classification, the growth of the capital commodity section increased to 20.3 percent in April 2025, which was 2.8 percent in the same period a year ago.

Mining-electricity also gave a shock

Consumer durable items (production of fridge, AC etc.) increased by 6.4 percent in the month under review as compared to an increase of 10.5 percent in April 2024. Production of non-tricky items declined by 1.7 percent in April, while it declined by 2.5 percent in April 2024.

The infrastructure/construction items recorded an increase of 4 percent in April, which is less than an increase of 8.5 percent in the same period of a year ago. According to the data, the production of primary items declined by 0.4 percent in April 2025, compared to seven percent a year ago. Production in the intermediate commodity section was 4.1 percent in the month, which was 3.8 percent in this month a year ago.

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