The government has mandated research and data analysis firm Centre for Monitoring Indian Economy (CMIE) to collect data for compiling a new series of Index of Industrial Production (IIP).
“Department of Industrial Policy and Promotion has entered into an agreement with CMIE to collect data for compiling the new series of IIP,” an official release said.
The current series of IIP, which is based on 1993-94 as base year is fast becoming outdated and DIPP has taken steps to compile the new series with a more recent base year, it said.
The Department of Industrial Policy and Promotion (DIPP) has entered into an agreement with CMIE to collect production data for compiling the new series of Index of Industrial Production (IIP).
Production data relating to 209 products is compiled by DIPP for the IIP. The Central Statistical Organisation (CSO) collects the remaining data from other agencies.
The IIP is generated by the CSO based on the data provided by the various source agencies. The DIPP is the single largest source of data for the IIP.
“The renewed effort of the DIPP utilising the services of CMIE could facilitate the release of the new IIP series at an early date,” the statement said.