The Ministry is underway to revise the base year of Gross Domestic Product (GDP), Index Industrial Production (IIP) and Consumer Price Index (CPI). The base year is revised periodically to better capture the structural changes happening in the economy by updating the methodology of compilation and incorporation of new data sources.

The proposed new base year for the GDP and IIP is 2022-23, and for CPI the proposed base year is 2024.

For the CPI, list of items and their respective weights derived from the Household Consumption Expenditure Survey of 2023-24 is used in the revised index.

The Ministry has conducted its first Forward-Looking Survey on Private Corporate Sector CAPEX Investment Intentions from November 2024 to January 2025 and the findings of the survey have been published. The Ministry has also conducted a Pilot Study on Annual Survey of Services Sector Enterprises (ASSSE) to capture insights into the Incorporated Service Sector. The decision to conduct the next Economic Census i.e., 8th EC is yet to be taken.

This information was given by the Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation; Minister of State (Independent Charge) of the Ministry of Planning and Minister of State in the Ministry of Culture Rao Inderjit Singh in a written reply to a question in the Lok Sabha today.

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Samrat/ Allen

(Release ID: 2153067)