New Delhi: Reserve Bank of India (RBI) Governor Sanjay Malhotra, an IAS Officer of 1990 Batch from Rajasthan Cadre, announced on Friday during the Monetary Policy Committee (MPC) meeting that the central bank will have access to a new GDP and inflation series in the coming days. The move is part of a broader effort to modernize India’s statistical system to reflect the realities of a rapidly evolving economy.
New GDP and Inflation Series Coming Soon
Governor Malhotra stated, “You are all aware that in a few days we will have a new series for both GDP and inflation. 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.”
During the announcement, he also provided upward revisions for Q1 and Q2 of 2026-27 GDP growth at 6.9% and 7%, respectively. However, the full-year projections are being deferred to the April policy meeting, since the new GDP series will be released later this month.
Why India Needs a New GDP and Inflation Series
India’s statistical system is undergoing comprehensive modernization to better capture the changing economic landscape. The previous GDP base year was 2011-12, a period before major structural transformations such as:
- Rapid expansion of the services sector
- Implementation of the Goods and Services Tax (GST)
- Proliferation of digital platforms transforming business models
These changes have created a demand for more timely indicators, finer geographic detail, and better coverage of informal and services sectors. In response, coordinated reforms have been initiated to enhance data quality, credibility, and policy relevance.
The year 2022-23 has been chosen as the new GDP base because it is considered the most recent “normal” year following COVID-19 disruptions in 2019-21, which significantly altered consumption patterns and industrial output.
Timeline for New Series Release
The government and statistical authorities have provided a clear timeline for the release of new macroeconomic indicators:
- GDP (base year 2022-23): February 27, 2026
- Consumer Price Index / Inflation (base year 2024): February 12, 2026
- Index of Industrial Production (IIP, base year 2022-23): May 28, 2026
These updates will enable the RBI and policymakers to make decisions based on more accurate, timely, and representative data, ensuring better alignment of monetary policy with economic realities.
Implications for Monetary Policy
With the new GDP and inflation series, the MPC will base future policy guidance on updated macroeconomic data, allowing for:
- Better assessment of growth and inflation trends
- Improved policy calibration in response to evolving conditions
- Enhanced credibility and transparency of monetary policy decisions
Governor Malhotra emphasized that these reforms are crucial for maintaining policy relevance in a dynamic economy and for supporting India’s broader goals of economic stability and sustainable growth.
