The Ministry of Statistics and Programme Implementation (MoSPI) has released the report of the Technical Advisory Committee (TAC) on the revision of the base year for the All-India Index of Industrial Production (IIP) from 2011–12 to 2022–23.
The Technical Advisory Committee was constituted in September 2024 under the chairmanship of Dr. Mridul K. Saggar, Professor at Indian Institute of Management Kozhikode. The committee included experts from academic institutions, chief economists, senior government officials and representatives from State Directorates of Economics and Statistics.
The committee held eleven meetings to deliberate on methodological improvements aimed at enhancing the accuracy, robustness and relevance of the Index of Industrial Production. As part of the consultative process, three discussion papers were released in the public domain focusing on substitution of factories in IIP compilation, adoption of a chain-based IIP and seasonal adjustment of the index. Inputs were invited from experts, academicians, government organisations and the public. Three stakeholder workshops were also organised to discuss the proposed changes and create awareness about the new series.
Key Features of the New IIP Series (Base Year 2022–23)
The revised IIP series significantly expands coverage by including Minor Minerals, Rare Earth Minerals, Gas Supply, Water Supply, and Sewerage & Waste Management activities.
The item basket and sectoral weights have been updated to reflect current industrial realities. The revised basket now consists of 1,042 products mapped to 463 item groups. The new series is aligned with the National Industrial Classification (NIC)-2025 framework.
The updated series also introduces greater granularity through new sub-indices. Separate indices will now be released for electricity generated from renewable and non-renewable sources. The Mining and Quarrying sector has also been divided into three sub-indices covering Fuel Minerals, Metallic Minerals including Rare Earth Minerals, and Non-Metallic Minerals including Minor Minerals.
Methodological improvements proposed in the report include substitution of permanently closed factories or units that have significantly altered their production lines with comparable production units. The panel of factories will also be expanded by adding newly commissioned large-scale factories producing relevant items during the currency of the series.
The new IIP series will adopt the Geometric Mean method for linking the 2011–12 series with the 2022–23 series. Linking factors will be calculated at aggregated levels including the General Index and Sectoral Indices.
Official Launch from June 1, 2026
MoSPI stated that the report has been released to help users understand the revised methodology and structure ahead of the official launch of the new IIP series on June 1, 2026.
The first release under the new series will provide index values from April 2023 onwards, including the Quick Estimates for April 2026. The release will also include sector-wise indices for Mining and Quarrying, Manufacturing, Electricity & Gas Supply, and Water Supply, Sewerage & Waste Management.
Additionally, manufacturing sector indices at the 2-digit NIC-2025 level, use-based classification indices and linking factors will also be released on June 1, 2026.
