India to Revise Industrial Production Index with Expanded Coverage Starting June 1
India to revamp IIP with new base year, wider coverage from June 1
Image: The Economic Times
India will launch a revamped Index of Industrial Production (IIP) on June 1, updating the base year to 2022-23. The new index will cover 1,042 products across 463 item groups, including sectors like minor minerals and waste management, enhancing tracking of industrial activity.
- 01The revamped IIP will include sectors such as minor minerals, rare earth minerals, and waste management.
- 02The new index will track 1,042 products across 463 item groups, adding 120 new groups and removing 64.
- 03Separate indices for renewable and non-renewable electricity generation will be introduced.
- 04The IIP will utilize tap connections for tracking water supply and sewerage in 500 AMRUT cities.
- 05A chain-linked IIP will be developed alongside the fixed base index, allowing for periodic updates.
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India's Ministry of Statistics and Programme Implementation (MoSPI) announced a major overhaul of the Index of Industrial Production (IIP), set to be released on June 1. The new index will update the base year to 2022-23 and broaden its coverage to include sectors such as minor minerals, rare earth minerals, and waste management. The revamped IIP will track 1,042 products across 463 item groups, restructuring the manufacturing basket by adding 120 new item groups and removing 64. The new series will also introduce separate indices for renewable and non-renewable electricity generation, enhancing the granularity of industrial activity tracking. Additionally, the report suggests using tap connections to monitor water supply and sewerage in 500 AMRUT cities. A chain-linked IIP will be introduced alongside the fixed base index, allowing for periodic updates of weights and improved data accuracy across all 36 states and union territories.
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The revamped IIP will provide more accurate data on industrial production, which can influence economic policy and business decisions.
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