India Upgrades GDP, CPI, WPI, IIP Base Years to 2022-24, Replaces WPI with PPI

MoSPI Considers Diary-Based HCES for High-Income Households to Tackle 9.8% Urban Non-Response Rate

To counter rising non-response from affluent households in gated societies, MoSPI is piloting a 'diary-based' self-reporting method for the next Household Consumption Expenditure Survey (HCES) in 2027-28. This shift is critical because the HCES data directly impacts CPI basket weights, inflation targeting by RBI, and policy making, but raises concerns about data comparability due to differential recall errors between survey methods.

MoSPI Defends 7.8% GDP Growth Amid Criticism, Cites Base Year Change to 2022-23

MoSPI issued a six-point rebuttal defending the 7.8% GDP growth for Q1 FY26, clarifying that data revisions stem from the base year change (2011-12 to 2022-23) and updated indices (PPI, IIP). The ministry refuted claims of manipulation, emphasizing that comparing old and new series is invalid.

Make in India 12-Year Review: PLI Schemes Show Concentration, Manufacturing Growth Patchy

Make in India completes 12 years with mixed results: manufacturing growth has been inconsistent, PLI schemes attracted ₹2.4 lakh crore but concentrated in top 5 sectors, employment impact limited to 8.5 lakh direct jobs. Key data for exams: non-petroleum exports grew 53% to $388.3B, capacity utilisation remains below 80%.

Govt Proposes Gold Monetisation via Jewellers: 20,000 Tonne Idle Gold, Demat Deposits, Interest Income

The government is planning a new gold monetisation scheme where jewellers, not banks, will collect physical gold deposits from households, issue demat receipts, and pay interest. This aims to unlock over 20,000 tonnes of idle gold, improve India's trade balance, and reduce import dependence — a key reform for economic stability and current account management.

India GDP Growth May Hit 8% in Q1 2026‑27 on Best Loan Growth in Decade

India’s Q1 GDP data (Apr‑Jun 2026) is expected to surprise on the upside – possibly 7.9‑8% – driven by the best bank loan growth in over a decade (18.3% YoY). Despite the West Asia conflict and high oil prices ($97/bbl), the economy shows robust credit demand from industry and services, signalling strong structural momentum.

RBI Issues Comprehensive Loan Recovery Rules: Phone Lock Allowed After 60 Days, Compensation ₹250/hr for Delayed Restoration

RBI has issued a consolidated framework for loan recovery by commercial banks, effective January 1, 2027. For the first time, it regulates technology-based restrictions on financed devices (smartphones/laptops) — allowing phone locking after 60 days of default, but with strict safeguards including ₹250/hour compensation for delayed restoration. This is a high-impact regulatory reform for Banking exams and UPSC GS3.

UPI Completes 10 Years: Transaction Volume Up 13,000-Fold to 24,162 Crore

UPI completes 10 years with explosive growth: transaction volume up 13,000-fold from 1.78 crore (FY17) to 24,162 crore (FY26). Value rose 4,000-fold to ₹314 lakh crore. UPI now accounts for 49% of global real-time payments. This milestone reinforces India's digital public infrastructure and is crucial for exams on digital economy, financial inclusion, and NPCI.

India's GDP Expands 7.8% in Q1 FY26-27, Beats RBI 7.0% Forecast; Manufacturing & Services Drive Growth

India's real GDP grew 7.8% in Q1 of FY2026-27, surpassing RBI's 7.0% forecast. Manufacturing (9.2%) and services (10%) led the growth. Nominal GDP rose 10.3%. This indicates resilience despite Middle East crisis and high energy prices. The data will be crucial for UPSC Economy questions on GDP, GVA, and sectoral growth.