India Revises CPI and GDP Base Years to Reflect Updated Economic Data

India has updated key economic indicators with new base years to better reflect current realities. The Consumer Price Index (CPI) now uses a 2024 base year, reorganizing consumption into 12 categories to improve inflation measurement, reducing food's weight while increasing housing and services. Similarly, the GDP series has been revised to a 2022-23 base year, incorporating new data sources and updated methodologies to enhance accuracy, especially capturing informal sectors. These revisions aim to provide clearer insights into economic trends and support improved policy decisions.