Government postpones launch of new IIP series to May 12

NEW DELHI: Government today postponed launch of new Index of Industrial Production (IIP) series with a base year 2011-12 to May 12.

Government was earlier slated to announce the new IIP series on May 9 with an aim to map economic activities more accurately.

Currently, the IIP is calculated on base year of 2004-05.


The change in baseline for the IIP is expected to bring in more accuracy in mapping the level of economic activity and calculating other numbers like national accounts.

Work is also in progress to change the base year for the wholesale price index (WPI) to 2011-12 year.

The Central Statistics Office (CSO) has already changed the base year for the country's national accounts, including the gross domestic product (GDP) and the gross value addition (GVA).

The retail inflation based on the consumer price index (CPI) is also calculated on the base year of 2011-12.

For long, economists and think tanks have been pitching for release of new time series of the IIP and the WPI so that GDP numbers can be based on more accurate and realistic data.

(Inputs from PTI)