New Delhi: In a bid to help users better understand and assimilate the new IIP 2022–23 series ahead of its official launch on June 1, the government on Monday said it has released a detailed report of the Technical Advisory Committee on Base Year Revision of the All-India Index of Industrial Production (TAC-IIP).
The first IIP release will present index values starting from April 2023 onwards, including Quick Estimates of April 2026.
Along with the All-India General Index of the IIP, the release will also include sector-wise indices for Mining and Quarrying, Manufacturing, Electricity & Gas Supply and Water Supply, Sewerage and Waste Management.
In addition, it will provide manufacturing sector indices at the 2-digit level of NIC-2025, indices based on Use-based Classification and linking factor, all scheduled for release on June 1, 2026, according to Ministry of Statistics & Programme Implementation.
“The item basket and weights have been revised to add relevant commodities and remove outdated ones, ensuring that each item or sector is assigned appropriate significance. The revised basket consists of 1,042 products mapped to 463 item groups,” said the ministry.
The updated IIP series is aligned with the National Industrial Classification (NIC-2025).
The new series also introduces greater granularity through sub-indices, including separate indices for electricity generated from renewable and non-renewable sources.
Similarly, the Mining and Quarrying sector is now divided into three sub-indices covering Fuel Minerals, Metallic Minerals (including Rare Earth Minerals), and Non-Metallic Minerals (including Minor Minerals).
In addition, methodological enhancements have been proposed in index compilation.
These include the substitution of factories that are permanently closed or have significantly altered their production lines with comparable units, as well as the augmentation of panel of the factories by incorporating newly commissioned large-scale factories that begin producing relevant items during the currency of the IIP series.
The new series will adopt the Geometric Mean method for linking the 2011–12 series with the new 2022–23 series. The linking factors will be computed at aggregated levels, namely for the General Index and the Sectoral Indices, said the ministry.
(IANS)
