New IIP to give more accurate picture: FICCI
Industry body FICCI said the new Index of Industrial Production (IIP), which will have additional 400 items, besides reworked weightage of certain commodities, will give a more accurate picture.
By PTI |
NEW DELHI: Industry body FICCI said the new Index of Industrial Production (IIP), which will have additional 400 items, besides reworked weightage of certain commodities, will give a more accurate picture.
The chamber has welcomed government's move towards reworking the weightage of certain items in the new IIP, which is expected to be unveiled by June-end.
The new list would comprise an additional 400 items taking the total to 800, including TVs, DVDs, MP3s, besides others.
On this new addition, the body said many of the high-end products TVs, DVDs, washing machines and microwave ovens which have shown excellent growth rates for quite sometime now, did not find place in the list of items covered by the Central Statistical Organisation (CSO) for calculating official data.
Whereas some items like black and white TV, typewriters, continuing with higher weights attached previously have outlived utility and importance over the last few years reflecting declining production and sales over the years, it said. These do not highlight the true picture of industrial production and growth at present, it added.
Ficci has also suggested, revising of the index through sector specific industry surveys on the basis of the feedback from the industries and interaction with the field specific experts.
A recent FICCI's Consumer Durable Goods Survey had confirmed a 12 per cent positive growth rate for consumer durables.
The chamber has welcomed government's move towards reworking the weightage of certain items in the new IIP, which is expected to be unveiled by June-end.
The new list would comprise an additional 400 items taking the total to 800, including TVs, DVDs, MP3s, besides others.
On this new addition, the body said many of the high-end products TVs, DVDs, washing machines and microwave ovens which have shown excellent growth rates for quite sometime now, did not find place in the list of items covered by the Central Statistical Organisation (CSO) for calculating official data.
Whereas some items like black and white TV, typewriters, continuing with higher weights attached previously have outlived utility and importance over the last few years reflecting declining production and sales over the years, it said. These do not highlight the true picture of industrial production and growth at present, it added.
Ficci has also suggested, revising of the index through sector specific industry surveys on the basis of the feedback from the industries and interaction with the field specific experts.
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A recent FICCI's Consumer Durable Goods Survey had confirmed a 12 per cent positive growth rate for consumer durables.
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