The Ministry of Statistics and Programme Implementation (MoSPI) has launched a revised Index of Industrial Production (IIP) series with 2022-23 as the base year, replacing the 2011-12 series. This marks the 10th base-year revision since the inception of all-India industrial tracking. In April 2026, the industrial output under this new framework grew by 4.9%.
Key Structural and Methodological Changes
- Sectoral Shift: Transitioned from a three-sector to a four-sector classification, integrating utility and waste management services.
- Expanded Basket: The product basket now includes 463 item groups (1,042 standalone products). It added 120 items (e.g., CCTV cameras, cardiac stents, vaccines) and removed 64 obsolete items (e.g., CFLs, kerosene).
- Enhanced Granularity: Mining now tracks rare earth elements and minor minerals; electricity generation is bifurcated into renewable (18% growth) and non-renewable sources.
- Harmonization: Updated to National Industrial Classification (NIC) 2025. The new series is synchronized with the 2022-23 base year used for GDP and CPI calculations.
- Calculation: Employs a geometric mean approach as the linking factor between the old and new series.
Performance Highlights (April 2026)
- Manufacturing: Recorded a 6.2% growth (Weight: 76.06%).
- Investment Proxy: Capital goods saw significant growth of 16%, indicating strong private sector capital expenditure.
- Consumer Trends: Growth in consumer durables (4.3%) outperformed non-durables (2.8%).
IASPOINT Booster Facts
- Compiling Authority: National Statistical Office (NSO), MoSPI.
- Release Cycle: Monthly, with a 28-day time lag.
- Core Industries (ICI): Compiled by DPIIT; accounts for over 40% weight in IIP.
- Historical Context: First index tracked 15 industries (1937 base year).