NO UPI Data: New GDP Series Will Not Use UPI Transaction Data

New GDP Series:  The Ministry of Statistics and Programme Implementation (MoSPI) will not include Unified Payments Interface (UPI) transaction data to calculate India’s Gross Development Product (GDP) in the new revised series due to unstable numbers and broader payment categories and new base year will be based on the base year 2022-2023 and new GDP series will be released by 27 February. 

The new GDP series, featuring a revised base year of 2022-23, is scheduled for release on February 27, 2026.

What is India’s GDP? 

Gross Domestic Product (GDP) is the total monetary value of all finished goods and services produced within a country's territory during a specific time period. It serves as a comprehensive scorecard of the country’s economic health.

The Union  government under the Ministry of Statistics and Programme Implementation (MoSPI) periodically updates the ‘base year’ to ensure the country's economic growth. This allows the GDP to reflect modern consumption patterns, new industries like the gig  and digital economy and current price levels rather than relying on outdated data.  The current series used a base year of 2011-12, which many experts argued failed to capture the digital and post-pandemic transformation of the Indian economy.

Why UPI Data Didn't Make the Count 

Unified Payments Interface (UPI) transaction data from India’s upcoming revised GDP series. Despite the massive surge in digital payments across the country, the government has cited instability in the numbers and classification limitations as the primary reasons for this exclusion are 

Classification Challenges (The "Broad Category" Issue): UPI transactions are often grouped into broad buckets. For example, a payment at a supermarket might include groceries (food), toiletries (non-food) and a plastic bucket (household item). Since GDP calculation requires item-wise tracking of Private Final Consumption Expenditure (PFCE), the "clubbed" nature of UPI data makes it difficult to bifurcate spending into specific categories.

Lack of Stability: A significant portion of the population is still transitioning from cash to digital. MoSPI noted that until UPI transaction data stabilizes and more accurately represents the entire population's spending habits not just those of early adopters and it remains an unreliable primary indicator for GDP.

Non-Consumption Payments: Many UPI transfers are not consumption for instance, payments to debt collection agencies or person-to-person (P2P) transfers for loan repayments do not represent the production of a new good or service, yet they appear in the total transaction volume.

Key Features of the New GDP 2022-23 Series:

• Capturing the Gig Economy: For the first time, the series will more accurately track workers on digital platforms like delivery partners and freelancers using GST records and company annual audits or  reports.

• Double Deflation Method: Moving away from single deflation the new series will adjust both input and output prices for inflation, providing a much clearer picture of the "Value Added in manufacturing.

• New Consumption Basket: The items used to measure the economy have been updated and outdated items like VCRs and DVDs have been replaced with OTT subscriptions, mobile data, and prepared restaurant meals.

• High-Frequency Indicators: Instead of UPI, the ministry will lean on more stable digital footprints like GST compliance rates, Vahan (vehicle registration) data, and fuel consumption to estimate economic activity.

Timeline of Releases 

Consumer Price Index (CPI): Base Year- 2024 | Released on February 12, 2026

Gross Domestic Product (GDP): base Year-2022-23 |Will be released on Released on  February 27, 2026 

Index of Industrial Production (IIP): Base Year- 2022-23 | Will be Released on May 2026 

Why This Matters to You

A more accurate GDP series influences everything from monetary policy such as interest rates set by the RBI) to foreign investment. By rebasing to 2022-23, India aligns its statistics with international standards, potentially improving its global credit rating and providing a more "human" look at how Indians actually spend their money in 2026.