India is undertaking a major overhaul of its national statistical framework to better reflect economic realities and improve its standing in global benchmarks with the GIRG (Global Indices for Reforms and Growth) Initiative. The Ministry of Statistics and Programme Implementation (MoSPI) announced that upgrades in key economic indicators and data governance are being implemented to strengthen evidence-based policymaking.
Revisions in GDP, CPI and IIP Methodology
MoSPI periodically updates the Base Year for major indices including:
- GDP (Gross Domestic Product)
- CPI (Consumer Price Index)
- IIP (Index of Industrial Production)
These revisions ensure that:
✔ Newly emerging sectors and technologies are better captured
✔ Price and consumption patterns reflect current household realities
✔ Industrial output accounting includes modern production capabilities
✔ Methodologies stay aligned with international statistical standards (e.g., UN System of National Accounts)
Updated datasets will improve the accuracy and credibility of India’s macroeconomic indicators domestically and globally.
Global Indices for Reforms and Growth (GIRG) Initiative
To sharpen India’s performance in international rankings, the government launched the GIRG initiative, which:
- Tracks 26 major global indices
- Published by 16 international organisations
- Across four theme pillars:
Economy | Governance | Development | Industry
The initiative aims to ensure that India’s progress is fairly represented and not underestimated due to outdated or incomplete inputs used by ranking agencies.
Nodal Ministries Assigned Performance Mandates
A total of 17 nodal ministries have been tasked to:
- Analyse methodologies of each index
- Submit verified official datasets to global agencies
- Identify areas for reform to bridge performance gaps
- Improve transparency and data quality
- Ensure coordination between Centre & States
The effort is expected to support India’s trajectory toward becoming a top-three global economy in the coming years.
Exam-Oriented Facts
- MoSPI periodically revises base years for GDP, CPI and IIP to reflect current economic structures.
- The GIRG initiative monitors 26 global indices under 16 international agencies.
- 17 nodal ministries are responsible for boosting India’s performance across indices.
- Key objective: Improve data credibility and global recognition of India’s economic progress.
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