New industrial growth numbers to have 2022-23 as base year

Govt's new IIP series to be ready in Q4FY26

In line with the growth estimates, the new series of the index of industrial production, which tracks growth across the manufacturing, mining and electricity sectors, will have 2022-23 as the base year, Moneycontrol has learnt.

The new series is expected to be available in the last quarter of FY26, when the government also plans to release new growth, with a revised base year of 2022-23.

The government had constituted a technical advisory committee for IIP revision earlier this year, in September.

Moneycontrol had earlier reported that the new growth numbers for FY26 will be available from second advanced estimates. The new Consumer Price Index data will be available on February 12, 2026, which will have January 2026 data. 

The base for consumer price index is expected to be 2024, with the weights decided on the basis of Household Consumer Expenditure Survey 2022-23, which was released earlier this year.

What the new IIP could constitute?

The new IIP revision is expected to witness a realignment of industries as well. The older series, currently operating with 2011-12, assigns over three-fourths of the weight to manufacturing. Base metals have a 12.8 percent share of the total index, and coke and refined petroleum products have another 11.8 percent share. The manufacture of computer, electronic and optical products accounts for 1.6 percent of the total.

Experts have been pointing to the outdated nature of the older series.

The new series is also expected to address some of these imbalances, using data from the Annual Survey of Industries 2022-23 released this year.

The ministry has also been making changes to the process of data collection, relying more on technology for data collection and processing. 

Besides IIP and CPI, the ministry is also looking to track monthly unemployment rate including both urban and rural areas. The new series is likely to be available from February end or first week of March 2025.