The government announced on Monday the release of a comprehensive report detailing the Technical Advisory Committee's revisions to the All-India Index of Industrial Production (IIP) ahead of the new IIP 2022–23 series launch scheduled for June 1. This updated series aims to provide users with a clearer understanding of industrial production trends, reflecting the current economic landscape. The first IIP release will include index values from April 2023 onwards, featuring Quick Estimates for April 2026.
As part of this new release, the government will include sector-wise indices across various domains such as Mining and Quarrying, Manufacturing, Electricity & Gas Supply, and Water Supply, Sewerage, and Waste Management. The Ministry of Statistics and Programme Implementation emphasized that the item basket and weights have been meticulously revised to incorporate relevant commodities while removing outdated ones.
- Revised item basket — The new basket consists of 1,042 products mapped to 463 item groups, ensuring accurate representation of the industrial landscape.
- Granularity in indices — The updated series introduces sub-indices for electricity generated from renewable and non-renewable sources, enhancing data specificity.
- Methodological enhancements — New approaches in index compilation will replace closed factories with comparable units, ensuring data reliability.
The updated IIP series aligns with the National Industrial Classification (NIC-2025), introducing greater granularity through sub-indices, particularly in the Mining and Quarrying sector. This sector is now divided into three distinct sub-indices covering Fuel Minerals, Metallic Minerals (including Rare Earth Minerals), and Non-Metallic Minerals (including Minor Minerals).
Moreover, the government has proposed significant methodological enhancements to improve the index compilation process. This includes substituting permanently closed factories with comparable operating units and expanding the panel by incorporating newly commissioned large-scale factories. The new series will utilize the Geometric Mean method to effectively link the 2011–12 series with the updated 2022–23 series, ensuring a smooth transition in data representation.
