India - Industrial Production

For India, the "All-India Index of Industrial Production" is monthly and detailed by NIC, the local adaptation of UN ISIC classification of industries.

These properties reflect the as-reported data. Moody's Analytics back-extensions and supplemental series are described below.

Active:

• Classification: NIC 2025 (aligned with UN ISIC Rev. 5)
• Measurement: Fixed-base index relative to fiscal year 2022-23 (Index FY 2023=100)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start date: Uniformly 2023m4

Predecessors:

• NIC 2008 (UN ISIC Rev. 4) and FY 2012 - 2012m4 to 2026m3
• NIC 1998 (UN ISIC Rev. 3) and FY 2005 - 2004m4 to 2017m3 ("_05")
• NIC 1987 and FY 1994 - 1994m4 to 2011m6 ("93")
• NIC 1970 and FY 1981 - 1981m4 to 1998m3 ("80")

Global concept alias:

• IP

The source writes:

Concept: Index of Industrial Production (IIP) is an abstract number, the magnitude of which represents the state of production of items individually and collectively as industry group for a given period of time. The inputs and technology used in the production of items under reference may or may not be the same. Strictly speaking, the IIP is a short-term indicator of industrial growth for the organized sector till the results from the Annual Survey of Industries (ASI) becomes available. This indicator is of paramount importance to the Government for planning purposes and is also being extensively used by various organizations, including Industry, Research, and Academic Institutions.

Definition: The Index of Industrial Production is a quantitative index, the production of the items being expressed in physical terms. The Index is compiled by taking into account the quantities of items produced during the current month, vis-à-vis the average monthly production in the base year.

Classification: The current series of IIP (base 2011-12) follows the National Industrial Classification 2008 (NIC-2008) which is based on ISIC-Rev. 4 published by UNSD.

Data Collection Methods: The manufacturing sector's data for compilation of IIP is supplied regularly on monthly basis by 14 source agencies located in various Ministries/ Departments/ Subordinate Offices of the Government of India. For Mining Sector the index is compiled by the Indian Bureau of Mines (IBM), Ministry of Mines. IBM collects data in respect of metallic and non-metallic minerals under the MCDR act, 2016. For the Electricity Sector, the monthly production data are collected by the Central Electricity Authority, Ministry of Power under the Electricity Act, 2003. These organisations collect the data through various methods including mail, questionnaires, paper forms at the level of individual establishments. Only item-wise total production of all the units and not the production of individual factories/ establishments is reported by the source agencies to CSO for compilation of IIP.

Nature of Indicators Used: The basic data used for compilation of the index is the production in terms of quantity. However, there are certain items especially capital goods such as Machinery, Machine Tools, Ship Building etc. on which the production data is furnished in value terms. In order to remove the effect of price rise from the index, the production figures of such items are deflated on the basis of Wholesale Price Indices (Base 2011-12), compiled by the Office of Economic Adviser, Ministry of Commerce and Industry, before compilation of index.

Moody's Analytics supplements

We back-extend all components prior to 2023m4 or 2025m4, as reported. We back-extend the all-items index to 1960m1 and the manufacturing index to 1981m4. For those two indexes, we construct seasonally adjusted counterparts.

Yes.

Periodically, the IIP undergoes a revision in which a new version of NIC is adopted, the basket contents are updated, and the base year is advanced.

Symbology

India represents its fiscal years with the syntax "2022-23" which we standardize as "FY 2023" to differentiate from arbitrary multi-year ranges.

Further reading

At the source:

• http://mospi.nic.in/new-series-iip-2011-12
• Frequently Asked Questions (FAQs): Index of Industrial Production - New Series with Base year 2022-23 (27 May 2026, pdf)
• Press note on release of the Report of the Technical Advisory Committee on Base Year Revision of the All-India Index of Industrial Production from 2011-12 to 2022-23 (25 May 2026, pdf)

• Sep 2005 - Initial version.
• Nov 2011
• Mar 2012 - Addendum of base years FY 1981, FY 1994, FY 2005.
• Aug 2012 - Addendum of Moody's Analytics SA supplement.
• Jul 2017 - Reclassified to NIC-2008, rebased to FY 2012.
• 5 Jun 2026 - Rebased to FY 2023: Description, Properties, Methodology.