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The Ministry of Statistics and Programme Implementation (MoSPI) has proposed transition towards the chain-based method of index of Industrial Production (IIP) compilation, as it is undertaking a base-revision exercise of macroeconomic data. In the process of revising the base, the MoSPI is revisiting methodologies, exploring new data sources, and incorporating changes following comprehensive consultations with experts, academicians, users, and other stakeholders, an official statement said. Traditionally, the IIP was compiled using a fixed-base Laspeyres framework, in which sectoral and industry weights remain unchanged until a base-year revision. However, it stated that, with production shifts in response to demand, technological changes, and policy shifts, some industries expand, while others decline or disappear, and entirely new industries or production lines within an industry emerge. Therefore, fixed weights become progressively less relevant, thereby affecting the efficacy o
The Department for Promotion of Industry and Internal Trade (DPIIT) has asked manufacturing units to submit the monthly production statistics from April 2022 onwards for the new series of Index of Industrial Production (IIP). The department develops policies and strategies for industrial development in the country in line with the needs of the stakeholders. To meet this goal, monitoring industrial growth is necessary, and for that, the department has sought the unit's cooperation in providing the primary information on industrial production, the DPIIT has said in a communication. "In line with the above, you are requested to submit the monthly production statistics from April 2022 till the latest month and subsequent months," it added. The units can submit the data on a government portal. "The data you submit goes on to find representation in the IIP. As you may be aware, the IIP is an important indicator of industrial growth of the Nation, and your cooperation in this effort is .
India's industrial production grew 4.9 per cent in March this year, according to official data released on Friday. The factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 1.9 per cent in March 2023. India's Index of Industrial Production grew by 4.9 per cent in March 2024, an official statement said. The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 5.2 per cent in March 2024 against 1.5 per cent in the year-ago month. In March this year, mining production rose 1.2 per cent, and power output increased 8.6 per cent. The IIP grew 5.8 per cent during fiscal year 2023-24 compared to a 5.2 per cent expansion in the preceding fiscal.