Synopsis
The DPIIT has requested manufacturing firms to provide monthly production data from April 2022 for the new IIP series, which aims to better represent industrial growth in India.Key Takeaways
- The DPIIT is collecting data for the new IIP series.
- Data collection starts from April 2022.
- IIP is a vital indicator of industrial growth.
- New base year will be 2022-23.
- The new IIP series is expected to be published in February 2026.
New Delhi, March 9 (NationPress) The Centre's Department for Promotion of Industry and Internal Trade (DPIIT) has requested manufacturing companies to provide monthly production data starting from April 2022 for the upcoming series of the Index of Industrial Production (IIP).
The data you submit will be used to enhance the IIP... the IIP serves as a crucial indicator of the nation's industrial growth, and your collaboration in this endeavor is greatly appreciated," the DPIIT communicated.
Manufacturing units have been assured that the data will solely be used to track industrial growth.
The existing series of the IIP, which reflects the growth of various economic sectors such as mining, electricity, and manufacturing, utilizes 2011-12 as its base year. The government aims to transition to 2022-23 as a more current base year, providing a clearer view of the actual economic growth.
The new IIP series is anticipated to be released in February 2026. Likewise, the base year for GDP and inflation metrics will also be updated as part of this new series. Additionally, new data sources will be integrated, and the figures will align with international statistical standards, ensuring more precise and dependable data for analysis and decision-making.
The index is compiled and published by the Central Statistical Organisation (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI).
The CSO acquires data from source agencies, which collect information directly from production factories and establishments. The Indian Bureau of Mines, Nagpur, supplies data relevant to the mining and quarrying sector, which is then combined with manufacturing and electricity indices compiled by the CSO to generate the General Index of Industrial Production.
The Quick Estimates of IIP are announced on the 12th of each month (or the preceding working day if the 12th falls on a holiday) with a lag of six weeks.
