MoSPI's Comprehensive Base Year Revision (2025-2026): UPSC Current Affairs Story Arc

Overview

This arc tracks the Ministry of Statistics and Programme Implementation’s (MoSPI) massive operation to overhaul India’s core economic indicators: GDP, CPI, and IIP. Beginning in November 2025 with technical papers on factory substitution, the process moved through stakeholder workshops at Bharat Mandapam and culminated in the February 2026 announcement of new data series. By shifting the base year from 2011-12 to 2022-23, the government aims to capture modern economic realities like the digital economy and post-pandemic consumption patterns. This transition is critical because it fundamentally alters how growth is measured, how the RBI sets interest rates, and how economists forecast India's future trajectory.

How This Story Evolved

Methodology paper on factory substitution released (Nov 2025) → Consultative workshop held (Dec 2025) → Year-end review confirms release dates (Dec 2025) → Second methodology paper on chain-based IIP released (Jan 2026) → Official announcement of new series rollout (Feb 1, 2026) → Economists adjust forecasts pending new data (Feb 2, 2026)

1. 2025-11-25: MoSPI seeks comments on factory substitution methodology for IIP
   More details

   UPSC Angle: MoSPI seeks comments on factory substitution methodology for IIP.

   Key Facts:

   • Ministry of Statistics and Programme Implementation (MoSPI) is undertaking the base revision exercise of the Index of Industrial Production (IIP)
   • Discussion Paper 1.0: Substitution of Factories in the Compilation of the Index of Industrial Production
   • Comments and suggestions may be sent to iipcso[at]nic[dot]in by 25th November, 2025
   • Available on the MoSPI website www.mospi.gov.in
2. 2025-12-22: MoSPI Pre-Release Consultative Workshop on Base Revision of GDP, CPI and IIP
   More details

   UPSC Angle: MoSPI workshop on base revision of GDP, CPI and IIP.

   Key Facts:

   • MoSPI: Ministry of Statistics and Programme Implementation
   • Workshop Date: December 23, 2025
   • Location: Bharat Mandapam, Pragati Maidan, New Delhi
   • Purpose: Base Revision of GDP, CPI, and IIP
   • Chief Guest: Shri Suman K Bery, Vice Chairman, NITI Aayog
   • Other Dignitaries: Dr. V. Anantha Nageswaran (Chief Economic Advisor), Dr. Saurabh Garg (Secretary, MoSPI), Shri N. K. Santoshi (Director General (Central Statistics), MoSPI)
   • Ministry: Ministry of Statistics and Programme Implementation (MoSPI)
   • Event: Pre-release Consultative Workshop
   • Objective: Base Revision of GDP, CPI and IIP
   • Date: 23rd December 2025
   • Vice Chairman, NITI Aayog: Shri Suman K Bery
   • Chief Economic Advisor: Dr. V. Anantha Nageswaran
   • Secretary, MoSPI: Dr. Saurabh Garg
   • Director General (Central Statistics), MoSPI: Shri N. K. Santoshi
3. 2025-12-24: MoSPI Year-End Review: Initiatives and Achievements in 2025
   More details

   UPSC Angle: MoSPI released its year-end review for 2025.

   Key Facts:

   • MoSPI published the Advance Release Calendar for 2025-26.
   • The calendar includes planned release dates for GDP, IIP, CPI, PLFS, Household Consumer Expenditure Survey (HCES), Annual Survey of Industries (ASI), Annual Survey of Unincorporated Sector Enterprises (ASUSE), and Time Use Survey (TUS).
   • Annual Survey results are now released within 90-120 days, quarterly results within 45-60 days, and monthly results within 15-30 days of survey completion.
   • Sample designs for PLFS and ASUSE were modified for monthly, quarterly, and district-level estimates.
   • The new series of GDP with base year 2022-23 will be released on 27 Feb 2026.
   • The new series of CPI with base year 2024 will be released on 12 Feb 2026.
   • The new series of IIP with Base Year 2022-23 will be released on 28 May 2026.
   • GoIStats mobile app was launched.
   • PAIMANA Web portal was launched on 25 Sep 2025.
   • National Metadata Structure (NMDS 2.0) was launched.
   • MoSPI prepared draft 'Indian Statistical Institute (ISI) Bill, 2025'.
4. 2026-01-13: MoSPI Discusses Adoption of Chain-Based Index of Industrial Production (IIP)
   More details

   UPSC Angle: MoSPI discusses adopting chain-based IIP.

   Key Facts:

   • MoSPI prepared Discussion Paper 2.0: Adoption of Chain-Based Index of Industrial Production (IIP)
   • Proposes methodology for chain-linked indices
   • Comments and suggestions may be sent to iipcso@nic.in by January 25th, 2026
   • Paper available on MoSPI website www.mospi.gov.in
5. 2026-02-01: MoSPI to revise GDP and Inflation numbers
   More details

   UPSC Angle: MoSPI to revise GDP growth numbers and retail inflation.

   Key Facts:

   • GDP and CPI numbers to be revised in February
   • New statistical series with updated base years to be released on February 27
   • New CPI series to be released on February 12, 2026
   • Revised IIP series slated for release in May 2026
6. 2026-02-02: Economists expect FY27 growth forecast pending new GDP series
   More details

   UPSC Angle: Not exam-relevant

   Key Facts:

   • New GDP series release date: February 27.
   • GDP base year revising to 2022-23 from 2011-12.
7. 2026-02-12: MoSPI Releases New CPI Series, January Retail Inflation at 2.75%
   More details

   UPSC Angle: New CPI series released with base year 2024; inflation 2.75%.

   Key Facts:

   • New CPI series base year: 2024
   • January 2026 retail inflation: 2.75%
   • MoSPI Secretary: Saurabh Garg
   • Chief Economic Advisor: V. Anantha Nageswaran
   • Household Consumption Expenditure Survey (HCES): 2023-24
   • Food and beverages weight reduced from 54% to 37%
   • Total items increased from 299 to 358 (goods increased to 308 from 259, and services from 40 to 50)
   • Rural house rent included for the first time
   • New items added: Online media and streaming services, Value-added dairy products, Barley and related products, Pen drives, external hard disks, Attendant and babysitter services, Exercise equipment, Cleaner fuels (CNG/PNG)
   • Online data will be used for telecom charges, OTT services, and airfares
   • e-commerce prices will be tracked in 12 large cities through dedicated online markets
   • New GDP series release date: February 27, 2026
   • Revised CPI series release date: February 12, 2026
   • Updated IIP series release date: May 2026
   • Base year for GDP and IIP shifted to 2022-23
   • Base year for CPI moved to 2024
8. 2026-02-14: Updated CPI
   More details

   UPSC Angle: Updated CPI uses digital data collection and Jevons index.

   Key Facts:

   • CPI
   • Jevons index
   • Young index
   • Modified Laspeyres' index
   • Computer Assisted Personal Interviewing
9. 2026-02-18: MoSPI Releases Report on GDP Base-Year Revision Methodology
   More details

   UPSC Angle: MoSPI Releases Report on GDP Base-Year Revision Methodology.

   Key Facts:

   • MoSPI released a report on methodological improvements in the revised National Accounts Statistics (NAS) on February 18, 2026.
   • The updated national accounts series is scheduled for release on February 27, 2026.
   • The base year for the new GDP series is 2022-23.
   • An Advisory Committee on National Account Statistics (ACNAS) is chaired by Professor B.N. Goldar.
   • Five sub-committees were formed under ACNAS to focus on specific technical areas.
   • The report released focuses on revisions in GDP compilation and other national accounts estimates.
10. 2026-02-23: Revised CPI Base Year in India
    More details

    UPSC Angle: India revises CPI base year to 2024.

    Key Facts:

    • Consumer Price Index (CPI) base year revised to 2024
    • Lower weight to food items
    • Higher weight to services
    • Telangana (4.92%), Kerala (3.67%), Tamil Nadu (3.36%), Rajasthan (3.17%), and Karnataka (2.99%) recorded higher inflation in January 2026

Genesis

Trigger

MoSPI released 'Discussion Paper 1.0' on November 25, 2025, focusing on factory substitution methodology for the Index of Industrial Production (IIP).

Why Now

The existing 2011-12 base year had become obsolete, failing to account for the rise of new industries (like e-commerce and renewables) and the death of old ones, leading to 'data-reality divergence.'

Historical Context

India last saw a major base year revision in January 2015, when the base was moved from 2004-05 to 2011-12 and the methodology shifted to GVA at basic prices.

Key Turning Points

1. [2025-12-23] Second Pre-release Consultative Workshop at Bharat Mandapam

   It finalized the methodological consensus among economists and policymakers before the official rollout.

   Before: Methodology was internal to MoSPI; After: The proposed structural changes were shared with the wider economic community.

2. [2026-02-01] Official announcement of the rollout schedule

   It signaled that Budget 2026 assumptions would immediately be tested against new data.

   Before: Speculation on release dates; After: Precise deadlines (Feb 12 for CPI, Feb 27 for GDP) were set.

Key Actors and Institutions

Key Institutions

• Ministry of Statistics and Programme Implementation (MoSPI)
• National Statistical Office (NSO)
• NITI Aayog
• Indian Statistical Institute (ISI)

Key Concepts

Base Year Revision

The process of updating the benchmark year for economic indices to reflect changes in production and consumption structures.

Current Fact: The base year is being officially shifted from 2011-12 to 2022-23 as per the Feb 2026 announcement.

Chain-Based Indexing

A method where weights are updated annually rather than being fixed for a decade, allowing for more dynamic tracking of industry changes.

Current Fact: MoSPI released Discussion Paper 2.0 on Jan 13, 2026, specifically to propose this for the IIP.

Factory Substitution

A methodology to replace closed or non-responsive factories in a survey sample with active ones to prevent 'ghost data' in the IIP.

Current Fact: Stakeholders were given until Nov 25, 2025, to comment on this specific technical shift.

What Happens Next

Current Status

As of February 2, 2026, the official schedule is set: CPI updates on Feb 12, GDP on Feb 27, and IIP in May 2026.

Likely Next

A 'statistical shock' in late February where revised GDP numbers might show higher or lower growth rates than previously estimated for FY25.

Wildcards

Potential political friction if revised data shows lower growth than the 2011-12 series, or if the 'chain-based' IIP methodology creates volatility in monthly data.

Why UPSC Cares

Syllabus Topics

• Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.

Essay Angles

• The Politics of Data: Accuracy vs. Narrative
• Digital India: Why 2011 statistics cannot measure 2026 progress

Prelims Likely: Yes

Mains Likely: Yes

Trend Signal: rising

Exam Intelligence

Previous Year Question Connections

• Shift of GDP base year from 2004-05 to 2011-12. — Directly analogous to the current shift to 2022-23; UPSC loves testing the specific 'New Base Year' number.
• Weightage of food in CPI vs WPI. — The new CPI series (Feb 12) will change these weightages, making old PYQ facts outdated but the conceptual comparison still vital.

Prelims Angles

• The new base year is 2022-23 (shifting from 2011-12).
• The IIP may adopt a 'chain-based' index rather than a fixed-base index.
• Release dates: CPI (Feb 12), GDP (Feb 27), IIP (May 2026).
• The 'ISI Bill 2025' was drafted alongside these revisions to modernize statistical governance.

Mains Preparation

Sample Question: Explain the significance of base year revisions in national income accounting and evaluate how the shift to the 2022-23 series will improve the accuracy of India's macroeconomic indicators.

Answer Structure: Define Base Year and its role → Reasons for the current revision (digital economy, post-COVID shifts) → Discussion of new methodologies like chain-based indexing → Impacts on monetary and fiscal policy → Conclusion: Data as a public good for evidence-based policy.

Essay Topic: Statistics: The mirror that a nation uses to see its progress and its pitfalls.

Textbook Connections

Key Takeaway

MoSPI is transitioning from a static 14-year-old statistical framework to a dynamic 2022-23 base year, incorporating chain-linked indices to bridge the 'data-reality gap' in India's growth story.

All Events in This Story (10 items)

1. 2025-11-25 [Economy] — MoSPI seeks comments on factory substitution methodology for IIP
   The Ministry of Statistics and Programme Implementation (MoSPI) is revising the base year for the Index of Industrial Production (IIP). To ensure the IIP remains reflective of ongoing industrial activity, MoSPI has released a discussion paper on the methodology for substituting factories in the compilation of the IIP. Stakeholders are invited to provide comments and suggestions by November 25, 2025.
   More details

   UPSC Angle: MoSPI seeks comments on factory substitution methodology for IIP.

   Key Facts:

   • Ministry of Statistics and Programme Implementation (MoSPI) is undertaking the base revision exercise of the Index of Industrial Production (IIP)
   • Discussion Paper 1.0: Substitution of Factories in the Compilation of the Index of Industrial Production
   • Comments and suggestions may be sent to iipcso[at]nic[dot]in by 25th November, 2025
   • Available on the MoSPI website www.mospi.gov.in
2. 2025-12-22 [Economy] — MoSPI Pre-Release Consultative Workshop on Base Revision of GDP, CPI and IIP
   The Ministry of Statistics and Programme Implementation (MoSPI) is organizing the Second Pre-release Consultative Workshop on the Base Revision of the Gross Domestic Product (GDP), Consumer Price Index (CPI) and Index of Industrial Production (IIP) on 23rd December, 2025 at Bharat Mandapam, Pragati Maidan, New Delhi. The primary objective of the workshop is to share the proposed methodological and structural changes in the ongoing base revision of GDP, CPI, and IIP for seeking feedback and comments of the participants.
   More details

   UPSC Angle: MoSPI workshop on base revision of GDP, CPI and IIP.

   Key Facts:

   • MoSPI: Ministry of Statistics and Programme Implementation
   • Workshop Date: December 23, 2025
   • Location: Bharat Mandapam, Pragati Maidan, New Delhi
   • Purpose: Base Revision of GDP, CPI, and IIP
   • Chief Guest: Shri Suman K Bery, Vice Chairman, NITI Aayog
   • Other Dignitaries: Dr. V. Anantha Nageswaran (Chief Economic Advisor), Dr. Saurabh Garg (Secretary, MoSPI), Shri N. K. Santoshi (Director General (Central Statistics), MoSPI)
   • Ministry: Ministry of Statistics and Programme Implementation (MoSPI)
   • Event: Pre-release Consultative Workshop
   • Objective: Base Revision of GDP, CPI and IIP
   • Date: 23rd December 2025
   • Vice Chairman, NITI Aayog: Shri Suman K Bery
   • Chief Economic Advisor: Dr. V. Anantha Nageswaran
   • Secretary, MoSPI: Dr. Saurabh Garg
   • Director General (Central Statistics), MoSPI: Shri N. K. Santoshi
3. 2025-12-24 [Polity & Governance] — MoSPI Year-End Review: Initiatives and Achievements in 2025
   The Ministry of Statistics and Programme Implementation (MoSPI) released its year-end review for 2025, highlighting key initiatives and achievements. These include reduced timelines for releasing survey results, modifications to sample designs for PLFS and ASUSE, user consultations, and the launch of revamped portals and mobile apps. A draft 'Indian Statistical Institute (ISI) Bill, 2025' was also prepared.
   More details

   UPSC Angle: MoSPI released its year-end review for 2025.

   Key Facts:

   • MoSPI published the Advance Release Calendar for 2025-26.
   • The calendar includes planned release dates for GDP, IIP, CPI, PLFS, Household Consumer Expenditure Survey (HCES), Annual Survey of Industries (ASI), Annual Survey of Unincorporated Sector Enterprises (ASUSE), and Time Use Survey (TUS).
   • Annual Survey results are now released within 90-120 days, quarterly results within 45-60 days, and monthly results within 15-30 days of survey completion.
   • Sample designs for PLFS and ASUSE were modified for monthly, quarterly, and district-level estimates.
   • The new series of GDP with base year 2022-23 will be released on 27 Feb 2026.
   • The new series of CPI with base year 2024 will be released on 12 Feb 2026.
   • The new series of IIP with Base Year 2022-23 will be released on 28 May 2026.
   • GoIStats mobile app was launched.
   • PAIMANA Web portal was launched on 25 Sep 2025.
   • National Metadata Structure (NMDS 2.0) was launched.
   • MoSPI prepared draft 'Indian Statistical Institute (ISI) Bill, 2025'.
4. 2026-01-13 [Economy] — MoSPI Discusses Adoption of Chain-Based Index of Industrial Production (IIP)
   The Ministry of Statistics and Programme Implementation (MoSPI) released Discussion Paper 2.0 on adopting a chain-based Index of Industrial Production (IIP) to improve accuracy by capturing annual changes in industry weights. Stakeholders are invited to provide comments by January 25, 2026.
   More details

   UPSC Angle: MoSPI discusses adopting chain-based IIP.

   Key Facts:

   • MoSPI prepared Discussion Paper 2.0: Adoption of Chain-Based Index of Industrial Production (IIP)
   • Proposes methodology for chain-linked indices
   • Comments and suggestions may be sent to iipcso@nic.in by January 25th, 2026
   • Paper available on MoSPI website www.mospi.gov.in
5. 2026-02-01 [Economy] — MoSPI to revise GDP and Inflation numbers
   The Ministry of Statistics and Programme Implementation (MoSPI) will revise GDP growth numbers and retail inflation, measured through the Consumer Price Index (CPI), later in February. The ministry will release new statistical series with updated base years on February 27, meaning many of the assumptions underpinning Budget 2026 will be overtaken by new data within weeks. The new CPI series will be released on February 12, 2026, and the revised IIP series is slated to be rolled out in May 2026.
   More details

   UPSC Angle: MoSPI to revise GDP growth numbers and retail inflation.

   Key Facts:

   • GDP and CPI numbers to be revised in February
   • New statistical series with updated base years to be released on February 27
   • New CPI series to be released on February 12, 2026
   • Revised IIP series slated for release in May 2026
6. 2026-02-02 [Economy] — Economists expect FY27 growth forecast pending new GDP series
   Economists indicate that India's FY27 growth forecast remains provisional, awaiting further details on the US-India trade agreement and the release of the new GDP series on February 27. The statistics ministry is revising the GDP base year to 2022-23 from 2011-12.
   More details

   UPSC Angle: Not exam-relevant

   Key Facts:

   • New GDP series release date: February 27.
   • GDP base year revising to 2022-23 from 2011-12.
7. 2026-02-12 [Economy] — MoSPI Releases New CPI Series, January Retail Inflation at 2.75%
   The Ministry of Statistics and Programme Implementation (MoSPI) released the new series of the Consumer Price Index (CPI) with a base year of 2024 on February 12, 2026. The first retail inflation data for January 2026, based on this new series, stood at 2.75%. The new series includes wider coverage of goods and services and updated weights based on the Household Consumption Expenditure Survey (HCES) 2023-24.
   More details

   UPSC Angle: New CPI series released with base year 2024; inflation 2.75%.

   Key Facts:

   • New CPI series base year: 2024
   • January 2026 retail inflation: 2.75%
   • MoSPI Secretary: Saurabh Garg
   • Chief Economic Advisor: V. Anantha Nageswaran
   • Household Consumption Expenditure Survey (HCES): 2023-24
   • Food and beverages weight reduced from 54% to 37%
   • Total items increased from 299 to 358 (goods increased to 308 from 259, and services from 40 to 50)
   • Rural house rent included for the first time
   • New items added: Online media and streaming services, Value-added dairy products, Barley and related products, Pen drives, external hard disks, Attendant and babysitter services, Exercise equipment, Cleaner fuels (CNG/PNG)
   • Online data will be used for telecom charges, OTT services, and airfares
   • e-commerce prices will be tracked in 12 large cities through dedicated online markets
   • New GDP series release date: February 27, 2026
   • Revised CPI series release date: February 12, 2026
   • Updated IIP series release date: May 2026
   • Base year for GDP and IIP shifted to 2022-23
   • Base year for CPI moved to 2024
8. 2026-02-14 [Economy] — Updated CPI
   The base year for the CPI has been changed. Digital data collection is being used. The Jevons index (geometric mean of price relatives) is used for compiling elementary indices at the item level. The Young or Modified Laspeyres' index is used for compiling higher level indices.
   More details

   UPSC Angle: Updated CPI uses digital data collection and Jevons index.

   Key Facts:

   • CPI
   • Jevons index
   • Young index
   • Modified Laspeyres' index
   • Computer Assisted Personal Interviewing
9. 2026-02-18 [Economy] — MoSPI Releases Report on GDP Base-Year Revision Methodology
   The Ministry of Statistics and Programme Implementation (MoSPI) has released a report outlining methodological improvements in India's revised National Accounts Statistics (NAS). The updated national accounts series is scheduled for release on February 27, 2026. An Advisory Committee on National Account Statistics (ACNAS), chaired by Professor B.N. Goldar, is guiding the revision, which includes incorporating new data sources and enhancing compilation standards.
   More details

   UPSC Angle: MoSPI Releases Report on GDP Base-Year Revision Methodology.

   Key Facts:

   • MoSPI released a report on methodological improvements in the revised National Accounts Statistics (NAS) on February 18, 2026.
   • The updated national accounts series is scheduled for release on February 27, 2026.
   • The base year for the new GDP series is 2022-23.
   • An Advisory Committee on National Account Statistics (ACNAS) is chaired by Professor B.N. Goldar.
   • Five sub-committees were formed under ACNAS to focus on specific technical areas.
   • The report released focuses on revisions in GDP compilation and other national accounts estimates.
10. 2026-02-23 [Economy] — Revised CPI Base Year in India
    India has revised the Consumer Price Index (CPI) base year to 2024, reorganising the consumption basket in line with the latest Household Consumption Expenditure Survey (HCES) data to better reflect present spending patterns. The revised CPI assigns lower weight to food items and higher weight to services aligning with structural shifts in consumption.
    More details

    UPSC Angle: India revises CPI base year to 2024.

    Key Facts:

    • Consumer Price Index (CPI) base year revised to 2024
    • Lower weight to food items
    • Higher weight to services
    • Telangana (4.92%), Kerala (3.67%), Tamil Nadu (3.36%), Rajasthan (3.17%), and Karnataka (2.99%) recorded higher inflation in January 2026