The revamped Index of Industrial Production (IIP) series, to be released on June 1, will track expanded sectors such as minor minerals, rare earth minerals, gas supply, water supply, sewerage and waste management. The new series will use 2022-23 as the base year.
IIP tracks in industrial output on a monthly basis. The revised series will feature a new product basket comprising 1,042 products mapped to 463 item groups, replacing outdated commodities and assigning revised weights to better reflect the current industrial structure. The new IIP will align with the National Industrial Classification (NIC)-2025 framework.
MoSPI said the updated series introduces greater granularity through additional sub-indices. For instance, the electricity sector will separately track renewable and non-renewable power generation. Similarly, the mining and quarrying segment will split into fuel minerals, metallic minerals (including rare earths), and non-metallic minerals (including minor minerals).
A committee has also proposed methodological reforms in the compilation process. These include replacing permanently closed factories or units that have substantially altered production lines with comparable operational factories. The panel of factories used for the index will also be dynamically updated by adding newly commissioned large-scale manufacturing units during the life of the series.
Another major shift is the adoption of the geometric mean method for linking the existing 2011-12 series with the new 2022-23 base series.
The first official release of the new IIP series on June 1 will provide index values from April 2023 onwards along with quick estimates for April 2026. Besides the overall index, it will include sector-wise indices for mining and quarrying, manufacturing, electricity and gas supply, and water supply, sewerage and waste management.
The release will also publish manufacturing indices at the 2-digit NIC-2025 level, use-based classification indices and linking factors for transitioning from the older series.