The Ministry of Statistics & Programme Implementation (MoSPI) is making continuous efforts to bring significant improvement in dissemination of its statistical products in sync with international best practices and timelines. MOSPI releases consumer price indices within 12 days after the end of the reference month, which is among the best globally. Similarly, survey reports of NSS are now released within 90 days of completion of fieldwork. The Calendar of release of National Accounts Statistics has been rationalized by obviating the need for the 3rd Revised Estimates of GDP. On the same lines, MOSPI now plans to release the Index of Industrial Production (IIP) within 28 days instead of 42 days.

The Index of Industrial Production (IIP) is a crucial short-term indicator of industrial growth in the country. The compilation and release of IIP in India commenced with base year 1937, which was successively revised to 1946, 1951, 1956, 1960, 1970, 1980-81, 1993-94, 2004-05 and 2011-12. MoSPI presently releases the monthly all India Index of Industrial Production (IIP) on the 12th of every month (previous working day if 12th is a holiday) within 42 days from the reference month.

Currently, the Quick Estimates of a month undergo revision in subsequent releases as per the revision policy of IIP. Along with the Quick Estimates of IIP for the specific month, the indices of the previous month undergo the first revision and those for the third previous month undergo the second or final revision in the light of the updated data received from the source agencies.

The United Nations’ International Recommendations for Index of Industrial production (IRIIP)-2010 provide that the monthly IIP be released within forty-five days after the end of the reference month. Similarly, the Special Data Dissemination Standards (SDDS) of the IMF requires that the index for any reference month should be released within six weeks from the end of that month. In accordance with these international standards in data dissemination, MOSPI has been releasing IIP indices within 42 days after the end of the reference month.

In recent times, considering the advancement in data collection and processing technologies, there is a growing demand from stakeholders for reducing the timeline of release of IIP. Recognizing this need, MoSPI constituted a committee, in June, 2024, to examine the feasibility of reducing the timeline of release of IIP, its revision schedule, while maintaining the response rates and without compromising the quality. The committee included representatives from all the data source agencies, including the Department for Promotion of Industry and Internal Trade (DPIIT), the Indian Bureau of Mines, Department of Chemicals and Petrochemicals and others. The Committee reviewed the entire system of data collection and processing of IIP data to arrive at its recommendations.

After due consultations with the source agencies and in keeping with stakeholders’ aspirations, it has been decided to reduce the timeline of release of IIP from 42 days to 28 days from reference month and also to do-away with second revision of IIP. Accordingly, MoSPI will henceforth release the monthly “All India Index of Industrial Production (IIP)”on 28th of every month at 4:00 PM (next working day if 28th is a holiday). The Quick estimate for a specific month will undergo revision only once, in the next month as the final estimate, as per the revised revision policy. Thus, MOSPI will now release only two estimates (Quick estimate and Final estimate) of a particular month instead of the earlier practice of releasing three estimates (Quick estimates followed by a 1st Revised estimate and a 2nd Revised (final) estimate).

News source: PIB