Base and framework: On the latest Index of Industrial Production
The article discusses the recent release of the Index of Industrial Production (IIP) by the Ministry of Statistics and Programme Implementation, highlighting its new base year of 2022-23. It details the significant overhaul of the IIP's methodology, including revisions to its basket, weights, and the introduction of a new sector (water supply, sewerage, and waste management). The changes aim to better reflect India's evolving economic structure, with a reduced weight for mining and increased importance for value-added infrastructure and utility services, signaling a move towards a chain-linked framework for more frequent updates.
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