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India's Industrial Gauge Gets a Major Facelift
31 May
Summary
- India's IIP base year shifts to 2022-23 from 2011-12.
- New series includes gas and water supply sectors for first time.
- Broader mining coverage now includes minor and rare earth minerals.
India's key measure of industrial activity, the Index of Industrial Production (IIP), is set for a major update. The Ministry of Statistics and Programme Implementation is introducing a new series with 2022-23 as the base year, replacing the decade-old 2011-12 series.
This revision, the tenth in the IIP's history, is designed to capture evolving economic structures and technological progress. It promises a more accurate reflection of new industries and products.
Significantly, the new IIP series broadens its scope beyond traditional mining, manufacturing, and electricity. It will now include gas supply and water supply sectors. Mining coverage is also expanded to encompass minor and rare earth minerals.
Further granularity will be provided through separate indices for renewable and non-renewable electricity, various mineral types, gas supply, and water and waste services, offering a more detailed industrial landscape.
