India, Feb. 9 -- Ministry of Statistics and Programme Implementation (MoSPI) has decided to undertake a comprehensive exercise to revise the base year of Gross Domestic Product (GDP), the Index of Industrial Production (IIP) and the Consumer Price Index (CPI) to improve their relevance, accuracy and international comparability.
The base year revision will be guided by respective Technical Advisory Committees comprising experts from academia, central and state governments, the Reserve Bank of India, and other institutions. The exercise will involve methodological improvements, incorporation of new data sources and updating of weights to better reflect current economic realities.
MoSPI said the revised GDP series will be released on Februar...