{"id":57480,"date":"2025-07-31T11:29:09","date_gmt":"2025-07-31T05:59:09","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=57480"},"modified":"2025-07-31T11:29:09","modified_gmt":"2025-07-31T05:59:09","slug":"gdp-series-to-enhance-accuracy","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/gdp-series-to-enhance-accuracy\/","title":{"rendered":"New GDP Series to Enhance Accuracy Using GST, UPI, and E-Commerce Data"},"content":{"rendered":"<h2 style=\"text-align: justify;\"><strong>New GDP Series Latest News<\/strong><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India will release a new GDP series with 2022-23 as the base year in February 2026, followed by revised IIP and CPI series, to enhance the accuracy and relevance of key economic indicators.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>Introduction<\/strong><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Ministry of Statistics and Programme Implementation (MoSPI) is set to overhaul India\u2019s key macroeconomic indicators, beginning with the release of a <\/span><b>new GDP series based on the 2022-23 base year<\/b><span style=\"font-weight: 400;\"> on <\/span><b>February 27, 2026<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This will be followed by updated series for the <\/span><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/iip\/\" target=\"_blank\"><b>Index of Industrial Production<\/b><\/a><b> (IIP)<\/b><span style=\"font-weight: 400;\"> and the <\/span><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/mospi-modifying-base-year-of-consumer-price-index\/\" target=\"_blank\"><b>Consumer Price Index<\/b><\/a><b> (CPI)<\/b><span style=\"font-weight: 400;\">, which currently use outdated base years from 2011-12 and 2012, respectively.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This revision is part of a broader push by the government to ensure more <\/span><b>real-time, granular, and representative measurement of India\u2019s dynamic economy<\/b><span style=\"font-weight: 400;\">, using newer data sources and methodologies.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>Updates to National Indicators<\/strong><\/h2>\n<ul>\n<li aria-level=\"1\"><b>New GDP Series (Base Year 2022-23)<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">The revised GDP series will offer a more accurate reflection of economic activity by updating the reference period from 2011-12 to <\/span><b>2022-23<\/b><span style=\"font-weight: 400;\">, incorporating the following improvements:<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">Use of <\/span><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/goods-and-services-tax\/\" target=\"_blank\"><b>Goods and Services Tax<\/b><\/a><b> (GST) data<\/b><span style=\"font-weight: 400;\"> for indirect tax estimates<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Incorporation of <\/span><b>UPI transaction data<\/b><span style=\"font-weight: 400;\"> from NPCI<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Data from the <\/span><b>E-Vahan<\/b><span style=\"font-weight: 400;\"> portal for vehicle registrations<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Administrative records from <\/span><b>MCA-21<\/b><span style=\"font-weight: 400;\">, <\/span><b>RBI<\/b><span style=\"font-weight: 400;\">, and <\/span><b>CGA<\/b><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\">This marks a significant advancement in capturing the informal and formal sectors more comprehensively.<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>Revised IIP Series (Base Year 2022-23)<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Scheduled for release from <\/span><b>April 2026<\/b><span style=\"font-weight: 400;\">, the new IIP series will reflect current industrial structures and consumption patterns.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The existing 2011-12 base is now considered outdated due to rapid shifts in manufacturing priorities and technologies.<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>Updated CPI Series (Base Year 2024)<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Expected in <\/span><b>early FY2026-27<\/b><span style=\"font-weight: 400;\">, the new CPI base year will be updated to <\/span><b>2024<\/b><span style=\"font-weight: 400;\">, capturing recent shifts in household consumption, especially post-pandemic behavioural changes.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The new series will also explore alternative data sources for better accuracy, including:<\/span>\n<ul>\n<li><b>Online airfare and rail fare data<\/b><\/li>\n<li><b>OTT subscription prices<\/b><\/li>\n<li><b>Fuel prices<\/b><span style=\"font-weight: 400;\"> from administrative records<\/span><\/li>\n<li><b>Scanner data and web scraping<\/b><span style=\"font-weight: 400;\"> for real-time e-commerce pricing<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>Enhancing Measurement Accuracy<\/strong><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The upcoming revisions go beyond base year updates and reflect a shift in India\u2019s statistical infrastructure.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MoSPI is adopting <\/span><b>technology-driven and data-diverse approaches<\/b><span style=\"font-weight: 400;\"> to capture economic changes more accurately.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Key initiatives include:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Leveraging <\/span><b>e-commerce and digital transactions<\/b><span style=\"font-weight: 400;\"> for consumption tracking<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Web scraping and online price surveillance<\/b><span style=\"font-weight: 400;\"> for real-time CPI inputs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Collaborating with platforms like <\/span><b>NPCI<\/b><span style=\"font-weight: 400;\"> for digital payment trends<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Aligning survey frames with <\/span><b>GSTN databases<\/b><span style=\"font-weight: 400;\"> for improved service sector measurement<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">These changes are part of MoSPI\u2019s effort to adapt to a <\/span><b>digitally driven, consumption-diverse economy<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>Launch of New Statistical Surveys<\/strong><\/h2>\n<ul>\n<li aria-level=\"1\"><b>National Household Travel Survey (NHTS)<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Launched in July 2025, the NHTS will assess travel patterns, choice of transport modes, and <\/span><b>price elasticity of demand<\/b><span style=\"font-weight: 400;\">. The data will support <\/span><b>transportation planning<\/b><span style=\"font-weight: 400;\"> and be shared with ministries such as the Railways.<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>Domestic Tourism Expenditure Survey (DTES)<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Also launched in July 2025, DTES will measure household expenditure on domestic tourism, purpose of travel, choice of transport, and use of tourism-specific services.<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>Annual Survey of Service Sector Enterprises (ASSSE)<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Beginning <\/span><b>January 2026<\/b><span style=\"font-weight: 400;\">, the ASSSE will systematically track India\u2019s <\/span><b>formal services sector<\/b><span style=\"font-weight: 400;\">, akin to the Annual Survey of Industries for the manufacturing sector. This is expected to bridge long-standing data gaps on:<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">Incorporated service enterprises<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Revenue and employment metrics<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Sectoral composition and regional variations<\/span><\/li>\n<li><span style=\"font-weight: 400;\">MoSPI has already completed a successful <\/span><b>pilot study<\/b><span style=\"font-weight: 400;\"> for ASSSE and will use the <\/span><b>GSTN database<\/b><span style=\"font-weight: 400;\"> to construct the survey frame.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>Implications for Policymaking and Research<\/strong><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">These statistical upgrades are crucial for:<\/span><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Policy formulation<\/b><span style=\"font-weight: 400;\"> based on real-time and reliable data<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Private sector and investor decision-making<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>International comparability<\/b><span style=\"font-weight: 400;\"> and credibility of Indian economic data<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Better understanding of <\/span><b>informal and digital economy shifts<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400; text-align: justify;\" aria-level=\"1\"><span style=\"font-weight: 400;\">By diversifying data sources and increasing survey frequency (e.g., Household Consumption Expenditure Survey every three years instead of five), MoSPI is aligning with global best practices in statistical governance.<\/span><\/li>\n<\/ul>\n<p><b>Source:<\/b> <a href=\"https:\/\/www.thehindu.com\/incoming\/new-gdp-series-coming-on-feb-27-iip-and-cpi-series-to-follow\/article69873620.ece\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">TH<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Union Govt will release new GDP series with a 2022-23 base year, followed by revised IIP and CPI series, enhancing accuracy.<\/p>\n","protected":false},"author":21,"featured_media":57508,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[60,1912,22,59],"class_list":{"0":"post-57480","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"tag-mains-articles","9":"tag-new-gdp-series","10":"tag-upsc-current-affairs","11":"tag-upsc-mains-current-affairs","12":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/57480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=57480"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/57480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/57508"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=57480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=57480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=57480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}