The base year of IIP is being shifted to 2022-23 from 2011-12, with the revised series scheduled to be released on June 1.
The new framework broadens coverage to include sectors such as minor minerals, rare earth minerals and gas supply. It also enables detailed tracking of industrial activity by introducing separate indices for renewable and non-renewable electricity generation.
At the same time, 64 item groups have been removed from the index, including kerosene, fluorescent tubes and CFLs, and tubes for bicycle/ tricycle/rickshaw tyres, the statistics ministry said Tuesday.
At present, the IIP tracks industrial output across three broad sectors: mining, manufacturing and electricity.
Under the revised series, the basket will cover 463 item groups compared with 407 in the current series. Manufacturing item groups will rise to 455 from 405, while mining and quarrying will be reorganised into three groups covering 44 minerals instead of one broad group covering 29 minerals. Electricity and gas supply will also expand to three groups from one, and water supply, sewerage and waste management will be introduced as two new categories.
The existing six use-based classification categories will remain unchanged in the revised series, which includes primary goods, capital goods, intermediate goods, infrastructure and construction goods, consumer durable goods, and consumer non-durable goods.
The revision of the IIP aligns with updates to other key economic indicators. In February, the statistics ministry revised the gross domestic product (GDP) base year to 2022-23 and updated the Consumer Price Index (CPI) base year to 2024.