Digital evolution: Our economic statistics can’t afford to get left behind as India’s economy evolves

On 27 February, India’s statistics ministry is expected to release the second of the three major macro-economic variables—retail inflation, GDP and Index of Industrial Production—currently being revamped. As with last month’s inflation number, the new GDP series will have a new base year (2022-23) and feature extensive changes in methodology and coverage to better reflect the state of our economy.Globally, decision-makers rely on economic statistics as a dashboard to frame policy.

Being left in the dark is too risky. One needs a clear view of current conditions and future projections, for example, to make an apt call on when to fuel growth or step on the brakes to slow inflation.

So, the ministry must be commended. Not only for the revamp, but for trying to bring macro data closer to the lives of ordinary citizens, an effort that includes its release of discussion papers for us to delve into.

So far, so good. The sad reality, however, is that in today’s fast-changing world, statistical systems all over the world are finding it hard to play catch-up as they strive to capture what’s really going on.

This need for clarity explains the value of a voluntary pledge made by AI majors at this year’s AI Impact Summit—as part of the New Delhi Frontier AI Commitments—to publish statistical insights drawn from aggregate AI usage data (with privacy safeguards in place). As a paper in the IMF’s F&D Magazine (December 2025 edition) by Rebecca Riley, director of the Economic Statistics Centre of Excellence, London, points out, “The existing metrics for GDP, consumer prices, productivity and the like are struggling to match the rapid pace of change in technology, business models, and consumer behaviour in today’s data-driven economy.” As