India macro

Code: pipeline/tipsheet/compute/macro.py, publish/macro.py.

Bundles: macro/india/*. Field-level detail is in docs/FRONTEND_HANDOFF.md.

Sources

MoSPI’s eSankhyiki API, ingested by the Data bank as six datasets:

Dataset	What it holds
`mospi_cpi`	Consumer prices
`mospi_wpi`	Wholesale prices
`mospi_iip`	Industrial production
`mospi_isp`	Services production (trial series)
`mospi_nas`	National accounts (GDP, GVA)
`mospi_plfs`	Labour force survey (jobs)

Connector notes are in the Data bank’s docs/MOSPI_SOURCES.md.

Revisions are kept. Each value is stored once per release vintage, from the first fetch onward.
RBI and market series (repo rate, bank credit and deposits, yields) come from India Data Hub.

Paging loses rows. The API drops rows when it splits some results across pages: CPI on base 2012 lost 7–12 rows a year, and quarterly GVA lost 2. A slice is accepted only if its pages add up to MoSPI’s stated total with no row repeated. Affected slices are fetched one page at a time.
Housing CPI has a gap. The combined housing index is blank from December 2018 to September 2019. Housing is urban-only in CPI 2012, and the combined figure equalled the urban one in all 170 months where both exist. So the urban value fills those months, and the bundle meta says so.
Duplicate GDP labels. 54 growth-rate rows in national accounts carry several values under the same label. They are excluded and reported, not guessed.

The levels are linked as follows:

Period Source of the level
2025 onward Base 2024
2013–2024 MoSPI’s back series on base 2024
2011–12 Base 2012, ratio-linked
Before 2011 India Data Hub’s spliced CPI
The linking reproduces MoSPI’s published factors. Our factors are 0.52673, 0.52222 and 0.53205, against the official 0.5267, 0.5222 and 0.5320. This is now an audit in the Data bank.
Headline inflation matches MoSPI’s prints. It uses base-2012 rates through December 2025 and base-2024 rates from January 2026. It agrees with all 152 published rates within 0.006 points.
- The rate computed on the single linked series differs from the official print by up to 0.23 points in 2025. It is published alongside as cpi_combined_linked_yoy.
Core CPI (excluding food and fuel) is rebuilt from official weights. The 2024 base doesn’t publish a fuel weight, so it was recovered from the published indices as 5.37 (leave-one-out range 5.36–5.38). The rebuilt general index matches the published one within 0.007%.

IIP growth: matches MoSPI’s published growth within 0.05 points on all four bases.
GDP growth: within 0.05–0.1 points of MoSPI’s. Sector contributions sum exactly to GVA growth.
WPI: the 2011-12 headline index rebuilds from official weights within 0.08%.
India Data Hub CPI: agrees within 0.1 points in 96.7% of months since 2014. It lags MoSPI by a month.

Real GDP growth on the old and new bases is uncorrelated where the two overlap. The bundle meta warns against reading the base join (Q1 FY24) as a turning point.
Monthly and quarterly values are dated by the first day of the period: 2026-08-01 means August 2026.
Stale upstream series (as of 2026-10-01):
- India Data Hub’s merger-adjusted bank credit and deposit growth stop at 2026-01-31.
- Its repo-rate series ends 2026-09-11.
The snapshot shows each series’ last date.
The services production index (mospi_isp) is a trial series. Its data stopped at July 2026 when last checked, so the freshness report flags it.