Essential upgrades: On upgrades to India’s statistical databases

The Indian government has implemented significant upgrades to its statistical databases, including Gross Domestic Product (GDP), Consumer Price Index (CPI), Wholesale Price Index (WPI), and Index of Industrial Production (IIP). These updates involve new base years (e.g., 2022-23 for GDP and IIP, 2024 for CPI) and methodological improvements like the double-deflator approach for GDP and a more inclusive basket for CPI. The Ministry of Statistics and Programme Implementation (MoSPI) is responsible for GDP, CPI, and IIP updates, while the Ministry of Commerce and Industry updated WPI and introduced the Producer Price Index (PPI), which will replace WPI in five years. These changes aim to make India's economic statistics more representative, robust, and aligned with international best practices.