The statistics ministry will roll out the new Index of Industrial Production (IIP) on June 1, updating the base year to 2022-23 from 2011-12.The revamped index also widens its coverage to include minor minerals, rare earths, gas supply and waste management, among others, while introducing 120 new items to the basket, including magnetic stripe cards, CCTV cameras and vaccines. Anoushka Sawhney explains:The base year shift ET BureauThe base year shift New items added ET BureauNew items added 64 items dropped ET Bureau64 items dropped New sectors added and granular electricity index tracking ET BureauNew sectors added Use-based categories of 2011-12 series to continue ET BureauUse-based categories of 2011-12 series to continue Methodological changes ET BureauMethodological changes Key reforms planned ET Bureaukey reforms planned
ET Graphics | Base to basket: India's IIP gets a major makeover
A new Index of Industrial Production launches on June 1. The base year shifts to 2022-23. Coverage expands to include minor minerals, rare earths, and waste management. One hundred twenty new items are added, such as CCTV cameras and vaccines. Sixty-four items are removed. This update provides a more comprehensive view of industrial activity.
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