New Delhi, March 9
The Centre's Department for Promotion of Industry and Internal Trade (DPIIT) has asked manufacturing companies to furnish monthly production data from April 2022 onwards for the new series of Index of Industrial Production (IIP).
"The data you submit goes on to find representation in the IIP... the IIP is an important indicator of industrial growth of the nation, and your cooperation in this effort is valuable," the DPIIT has stated in its communication.
The manufacturing units have also been assured that the data will not be used for any purpose other than monitoring industrial growth.
The current series of the IIP, an index that details the growth of various sectors in an economy such as mining, electricity, and manufacturing, has 2011-12 as its base year, and the government is keen to shift the base year to 2022-23 as a more updated base year for comparison provides a more accurate picture of the real growth taking place in the economy.
The new IIP series is expected to be published in February 2026. Similarly, the base year for the GDP and inflation figures will also be upgraded as part of the new series. Also, new data sources will be incorporated and the figures aligned with international statistical standards. This will ensure more accurate and reliable 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 obtains data from source agencies, which collect data directly from producing factories and establishments. The Indian Bureau of Mines, Nagpur, provides data related to the mining and quarrying sector, which is combined with manufacturing and electricity indices compiled by the CSO to arrive at the General Index of Industrial Production.
The Quick Estimates of IIP are released on the 12th of every month (or the previous working day if the 12th falls on a holiday) with a six-week lag.
- IANS