India Revises IIP Series to Base Year 2022-23; April IIP at 4.9%
India revised the Index of Industrial Production (IIP) to an updated base year of 2022-23, expanding the index with 120 new item groups to better capture emerging segments across manufacturing, mining and electricity. Under the new series, industrial output (IIP) grew 4.9% in April. Rebasing keeps the index representative of the current structure of the economy and improves the granularity of industrial data.
Key Facts & Details
7 points- 1IIP rebased to base year 2022-23
- 2120 new item groups added for wider coverage
- 3April industrial output (IIP) grew 4.9% under the new series
- 4Covers manufacturing, mining and electricity
Deep Dive
- +The IIP is compiled and released by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI).
- +The three broad IIP sectors are mining, manufacturing and electricity; manufacturing has the largest weight.
- +Rebasing periodically updates the reference year so the index reflects the current economy.
Exam Focus
Note the new IIP base year (2022-23), the releasing body (NSO/MoSPI), and the three IIP sectors.
Related Topics
Exam Relevance & Angle
Key economic indices (IIP, CPI, WPI) and their base years are recurring economy/statistics MCQs.
Target Exams
Background & Context
The IIP measures the volume of industrial production; rebasing aligns it with the latest economic structure and product mix.
Related GK Concepts
Must KnowTest Yourself
1 / 1What is the new base year for India's revised Index of Industrial Production (IIP)?
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