The government has unveiled a comprehensive report by the Technical Advisory Committee on Base Year Revision of the All-India Index of Industrial Production (TAC-IIP) to aid users in understanding the upcoming IIP 2022–23 series, set to launch on June 1. The initial release will feature index values from April 2023 onwards, including Quick Estimates for April 2026. This release will encompass sector-wise indices for Mining and Quarrying, Manufacturing, Electricity & Gas Supply, and Water Supply, Sewerage, and Waste Management.
The report also highlights the revision of item basket and weights to ensure relevance by adding new commodities and eliminating outdated ones, resulting in a basket of 1,042 products across 463 item groups. Scheduled for release on June 1, 2026, the manufacturing sector indices at the 2-digit level of NIC-2025, indices based on Use-based Classification, and linking factor will be included in the release.
Moreover, the updated IIP series aligns with the National Industrial Classification (NIC-2025) and introduces enhanced granularity through sub-indices, such as separate indices for electricity generated from renewable and non-renewable sources. The Mining and Quarrying sector now comprises three sub-indices covering Fuel Minerals, Metallic Minerals (including Rare Earth Minerals), and Non-Metallic Minerals (including Minor Minerals).
Additionally, methodological improvements in index compilation are proposed, including replacing permanently closed factories or those with significant production line alterations with comparable units. The new series will adopt the Geometric Mean method to link the 2011–12 series with the upcoming 2022–23 series, with linking factors calculated at aggregated levels for the General Index and Sectoral Indices.
