9 Jun, 2011,
Government to launch new IIP index tomorrow
NEW DELHI: The government is set to introduce the new Index of Industrial Production with an updated base of 2004-05 starting from the month of April.
The index would be launched by Ministry of statistics and programme implementation ( Mospi )) with all the data points from 2005 onwards. This step would complete the updating process of the three most widely followed macroeconomic indicators released by the government. The GDP series and WPI series were shifted on to the new base (2004-05) much before.
The new series also has a wider basket of goods with the manufactured items covered in the index going up from 281 to 410. The total number of items under the series has gone up to 695 from 538 earlier.
Researchers had long argued for a more timely launch of the new series as the older series was showing a very high degree of volatility. The new series is expected to capture the industrial production process more accurately, increasing its reliability.
The new series was supposed to have been launched last year but got delayed as due to concerns raised by various ministries regarding how the output growth was depicted. The series was then slightly modified to better reflect the status of the economy.
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