Currently the base period taken for calculation is 2004-05.
The government is likely to launch the indices of industrial production and wholesale prices with new base year 2011-12 by April-end with a view to ensuring compatibility with other macro economic numbers.
A high-level panel has firmed up the methodology for the index of industrial production (IIP) and the wholesale price index (WPI) with new base year of 2011-12, a source said. The panel is headed by the Cabinet Secretary and industry and statistics secretaries are on the board. The source said that though certain issues need to be sorted out, IIP and WPI with new base year can be launched by the end of next month.
The source further said that the date of launch of new macro number series would be finalised soon once the minor glitches are taken care of. The change in the baseline for IIP and WPI, currently at 2004-05, is expected to bring in more accuracy in mapping the level of economic activity and calculating other numbers like national accounts. The Central Statistics Office (CSO) has already changed the base for the country's national accounts, including the gross domestic product (GDP) and the gross value addition (GVA).
Earlier last week, CSO Director General G C Manna had said the government is proceeding with a target of launching the new set of numbers by April-end. For long, economists and think tanks have been pitching for release of new time series of IIP and WPI so that GDP numbers can be based on more accurate and realistic data.
Manna had also said, "Assuming that they approve the proposal (on March 14), both IIP and WPI should be in the public domain by the end of April, including back series data. Both IIP and WPI with new base year of 2011-12 will be available (on scheduled dates) from May." WPI captures rise in prices of various goods at wholesale level. Similarly, IIP denotes the level of economic activity in different sectors, including manufacturing, mining and power.
IIP also gives a broad outlook on output of various types of goods like basic, consumer and capital ones, which helps in gauging the level of economic progress and investments in the economy.
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