RBI MPC: Will have new GDP, inflation series in a few days, says Gov Sanjay Malhotra

During his RBI Monetary Policy Committee announcements on Friday, Governor Sanjay Malhotra stated that the new GDP and inflation series will be out in two days. “You are all aware that in a few days we will have a new series for both GDP and inflation," announced Malhotra.

“Going forward, the MPC will be guided by the evolving macroeconomic conditions and the outlook based on data from the new series in charting the future course of monetary policy,” said the governor. 

While announcing the upward revisions for Q1 and Q2 in 2026-27 at 6.9 per cent and 7 per cent, Governor Malhotra said, “We are deferring the projections for the full year to the April policy as the new GDP series will be released later in the month.” 

WHY DO WE NEED NEW GDP, INFLATION SERIES

Last month, the Press Information Bureau, stated that India’s statistical system is undergoing a comprehensive modernisation to better capture the realities of a fast-evolving economy. The base line for a decade has been 2011-12, but in the meanwhile, the nation saw “significant structural shifts” with the services sector expanding rapidly, with the implementation of Goods and Services Tax (GST), and digital platforms transforming business models. 

“These changes created demand for more timely indicators, finer geographic detail, and improved coverage of the informal and services sectors. In response, the Government has initiated coordinated reforms as part of a broader modernisation of the national statistical system aimed at strengthening data quality, credibility and policy relevance,” it said, adding that this would include the revision of GDP and price indices base years, among other things. 

It explained that the year 2022-23 was chosen as the new base because it is the “most recent ‘normal’ year after the disruptions of 2019-2021”. The years 2019-20 and 2020-21 were significantly affected by COVID disruptions, which had completely altered consumption patterns and industrial output. 

TIMELINE OF NEW GDP, INFLATION SERIES

The new series of GDP with base year 2022-23 will be released on Feb 27
The new series of CPI with base year 2024 will be released on Feb 12
The new series of IIP with base year 2022-23 will be released on May 28