Industrial Production Data to Be Released on the 28th of Each Month: Government
Click to start listening
Synopsis
The Ministry of Statistics and Programme Implementation (MoSPI) has announced a new timeline for releasing the Index of Industrial Production (IIP) data, moving from 42 days to 28 days starting April 2025. This change aims to enhance the timeliness and accuracy of industrial growth indicators in India.
Key Takeaways
- MoSPI plans to release IIP data within 28 days.
- New schedule starts from April 2025.
- IIP serves as a crucial indicator of industrial growth.
- Current IIP revisions are conducted as per established policies.
- February saw a 2.9% growth in industrial output.
New Delhi, April 17 (NationPress) The Ministry of Statistics and Programme Implementation (MoSPI) announced on Thursday its intention to release the Index of Industrial Production (IIP) data within 28 days instead of the previous 42 days.
Starting from April 2025, the All India Index of Industrial Production (IIP) will be published on the 28th of every month at 4:00 p.m., adhering to a 28-day timeline from the reference month. For each month, the IIP will be presented as Quick Estimates initially, followed by a Final Estimate, according to the ministry's statement.
The next IIP estimates are set to be released on April 28.
The ministry publishes consumer price indices within 12 days after the end of the reference month, placing it among the best performers worldwide. Additionally, survey reports from the NSS are now available within 90 days of completing fieldwork.
The schedule for releasing National Accounts Statistics has been optimized by eliminating the need for the 3rd Revised Estimates of GDP.
The IIP serves as a vital short-term indicator of industrial growth in the nation.
The compilation of the IIP in India began with a base year of 1937, which has been updated to 1946, 1951, 1956, 1960, 1970, 1980-81, 1993-94, 2004-05, and 2011-12.
Currently, MoSPI releases the monthly all India IIP on the 12th of each month (or the previous working day if the 12th falls on a holiday) within 42 days from the reference month.
At present, the Quick Estimates for a given month are subject to revisions in subsequent releases in accordance with the IIP's revision policy.
According to the ministry's data, India's industrial output, based on the IIP, exhibited a 2.9 percent growth in February this year compared to the same month last year.
Data indicated that the manufacturing sector, which provides valuable job opportunities for young graduates from the nation’s universities and engineering colleges, experienced a 2.9 percent increase in February compared to the same month in the prior year.
