Revamped IIP Series to Roll Out on June 1 With New Sectors, Products

India is set to roll out a new series of the Index of Industrial Production (IIP) from June 1, with the base year updated to 2022-23. The revised series expands the scope of industrial tracking by adding sectors such as minor minerals, rare earth minerals, gas supply, water supply and sewerage, and waste management.

The revamped IIP will also introduce more detailed tracking of industrial activity, including separate indices for renewable and non-renewable electricity generation, the Ministry of Statistics and Programme Implementation (MoSPI) said on Monday.

The update comes just months after the government revised the Consumer Price Index (CPI) and GDP series, with their base years updated to 2024 and 2022-23, respectively.

According to a report by the Technical Advisory Committee (TAC), the new index will cover 1,042 products across 463 item groups and will align with the National Industrial Classification (NIC)-2025 framework, The Economic Times reported.

Around 120 new item groups have been added to the manufacturing basket, while 64 older groups have been removed.

The TAC has also recommended the introduction of a chain-linked IIP alongside the fixed-base index.

This would allow periodic updates of weights and improve the relevance of industrial data over time. The panel also suggested a common publication schedule for all states and Union Territories.

Broader Industrial Coverage

At present, the IIP tracks three broad sectors — mining, manufacturing, and electricity. Under the revised framework, the six existing use-based categories will continue.

These include primary goods, capital goods, intermediate goods, infrastructure and construction goods, consumer durables, and consumer non-durables.

The new series will also replace the Wholesale Price Index (WPI) with the Producer Price Index (PPI) for IIP calculations. In addition, a separate index for the unincorporated sector and seasonally adjusted IIP data will also be introduced.

“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,” the ministry said in a statement.