Revised GDP Series Scheduled for 2026

The Ministry of Statistics and Programme Implementation (MoSPI) is set to release a revised gross domestic product (GDP) series in 2026. This revision aims to incorporate new and real-time data sources for enhanced accuracy.

Incorporation of New Data Sources

• eGram Swaraj:
  A portal by the Ministry of Panchayati Raj that includes panchayat profiles, budget monitoring, and progress tracking on the utilisation of central and state schemes.
• E-Vahan:
  A dashboard from the road transport and highways ministry providing comprehensive data on vehicle registrations, categorized by fuel type and states. This data will replace the current reliance on data from the Society of Indian Automobile Manufacturers (SIAM).
• GST and PFMS:
  Data from Goods and Service Tax (GST) and Public Finance Management System (PFMS) will also be incorporated.

Implementation Timeline

• Release Date:
  The revised GDP series is scheduled for release in February 2026, coinciding with the publication of the first revised estimate of 2024-25.

New Base Year

• 2022-23:
  The Advisory Committee on National Account Statistics (ACNAS) has decided on 2022-23 as the new base year for the GDP series.

Objective and Outreach

• The statistics ministry aims to enhance the use of administrative statistics and is reaching out to various ministries for sourcing new data that could be utilized either directly or indirectly in the revised series.

Reserve Bank of India's Initiative on Artificial Intelligence

The Reserve Bank of India (RBI) has taken a significant step towards ensuring the ethical and responsible use of artificial intelligence (AI) by establishing a dedicated panel.

FREE-AI Committee

• The committee is named FREE-AI.
• It is an eight-member panel led by Pushpak Bhattacharyya from the Department of Computer Science and Engineering at IIT Bombay.
• This initiative is supported by the RBI’s fintech department.

Mandate and Objectives

• The committee is tasked with submitting its report within six months from its first meeting.
• Key responsibilities include: 
  • Assessing the current AI adoption levels in financial services.
  • Reviewing regulatory and supervisory approaches concerning AI in the financial sector on a global scale.
  • Recommending a framework for the responsible and ethical adoption of AI models in the financial sector, focusing on governance aspects.
  • Identifying potential risks associated with AI and suggesting evaluation, mitigation, and monitoring strategies for regulated entities.

Committee Members

• The panel includes: 
  • Suvendu Pati, Chief General Manager at the RBI
  • Abhishek Singh, Additional Secretary, Ministry of Electronics and IT
  • Debjani Ghosh, Independent Director for Reserve Bank Innovation Hub
  • Dr. Balaraman Ravindran of IIT Madras
  • Rahul Matthan, Partner at Trilegal
  • Anjani Rathor, Chief Digital Officer at HDFC Bank
  • And others contributing to this initiative