India’s economic picture is going to change completely from next year. The government has started preparations for this change, due to which people’s earnings and expenses will now be measured in a new way. Under this change, major economic data like GDP, inflation, industrial production will be updated so that these figures can show the real picture of today’s time. The special thing is that now a new index will also come which will track the progress of the rapidly growing service sector.
New figures, new base year
Whatever economic figures come now, they are based on the base year of 2011-12 i.e. the prices at that time. At that time, people’s spending habits were very different from today. At that time, more was spent on food and drinks, but now smartphones, internet and digital services have become a big part of our lives. Therefore, the government has decided to update the base year so that the new figures reflect the true and real situation.
New GDP figures will be released on 27 February 2026, which will be based on the prices of 2022-23. Before this, the estimates for the budget that will come on January 7 will be based on the old base year only. New inflation figures will also come in February which will take into account the prices of 2023-24.
New index for service sector
The service sector plays the biggest role in the Indian economy, but till now there was no specific way to measure it separately. This time, for the first time, a new service sector index will come which will track digital, logistics and other fast growing sectors. This change is also necessary because today this sector has become a major part of the economic development of the country.
Improvement in inflation and expenditure figures
The government is not limited to just GDP, but is also improving the Consumer Price Index (CPI) which measures inflation. There will be changes in the prices and weights of goods that are decided now. Especially the expenditure on grains received from the Public Distribution System will also now be properly included in the figures. This means that now the real impact of inflation can be understood better.
The common man will benefit
With these changes, the government will get correct and updated data about the economic condition of the country. This will help in making policies which will help in improving your everyday life. When inflation and GDP figures are accurate, the government will be able to take better decisions which will give a new impetus to the country’s development.