New CPI, GDP Series To Help RBI Balance Inflation And Growth: RBI GUV Sanjay Malhotra

The ongoing revision of base years for key economic indicators such as CPI, GDP and the Index of Industrial Production (IIP) will help the Reserve Bank of India achieve its twin objectives of price stability and sustained economic growth, RBI Governor Sanjay Malhotra said. Calling it a “timely and welcome step”, Malhotra said strengthening India’s statistical systems will allow for more calibrated policymaking and improve assessments of inflation and real economic momentum. The Ministry of Statistics and Programme Implementation is revising the indicators after more than a decade. The new CPI series with 2024 as base year will be released on February 12, followed by the new GDP series with 2022–23 base year on February 27. The revised IIP series with FY23 base year is expected by end-May.