New base year, inflation basket will cover more than 350 items to promote GDP coverage: MOSPI Secretary Garg asked CNBC-TV18

For GDP, CPI and IIP, the upcoming Aadhaar year amendment of India will expand the basis and coverage of the regions, especially if the government gets access to more detailed data, MOSPI Secretary Saurabh Garg Talking to CNBC-TV18.

Garg said the national account and GDP series would be taken from new and alternative data sources, including GST data, digital platforms such as e-vehicle and payment data. “The new series will capture a large part of the digital economy, as we include more real-time and electronic data, GDP coverage will increase,” he said.

Garg said that there will also be a big change in the Consumer Price Index (CPI). The CPI basket size will increase from 299 to “at least” 350 items with the first inclusion of e-commerce. Garg explained in detail, “A lot of digital products will go into CPI baskets, capture the sources of products and data, such as where the houses are shopping – amendment will increase the number of types of markets, products and markets from where you are receiving data.”

According to the domestic consumption expenditure survey, along with the ratio of food items in CPI, food, especially the weight of grain in the new CPI is also expected to decrease. While spending on vegetables, fruits and processed foods has increased, the new inflation basket will reflect.

The Industrial Production Index (IIP) will also expand similarly, more areas will be added to better capturing industrial activity.

The MOSPI Secretary said, “Coverage will deepen in all three amendments – national accounts, CPIs and IIPs and granularity will increase, as more data sources will be brought.

According to Garg, the new data series will begin in early 2026.

• The new CPI series with 2024 will be released on February 12, 2026 with 2024 as the base year of January.

• The revised GDP series with 2022-23 as the base year will be released by the end of February 2026, which means the second advance estimate of FY26 GDP will be on the new base year.

• The new IIP series based on April 2026 data will be released in May 2026.

For CPI and IIPs, the government is not considering any change in the release time limit.

Garg confirmed, “All base year modifications are on tracks. By the beginning of 2026, the major indicators of the economy- GDP, CPI and IIP- will all reflect these changes.”

MOSPI will initiate stakeholder consultation at the new functioning for each data set in Delhi and Mumbai initially, by the end of this month or early November.

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