India’s Industrial Production Data Release Accelerated
The Ministry of Statistics and Programme Implementation (MoSPI) is set to enhance the timeliness of its statistical releases, particularly the Index of Industrial Production (IIP). Starting April 2025, the IIP will be published within 28 days of the reference month, a significant reduction from the current 42-day timeline. This change aligns with international standards and aims to improve the efficiency of data dissemination in India.
New Timeline for IIP Releases
Beginning in April 2025, the All India Index of Industrial Production (IIP) will be released on the 28th of each month at 4:00 PM. This new schedule will provide Quick Estimates for the preceding month, followed by Final Estimates in subsequent releases. The decision to expedite the release process comes as part of MoSPI’s commitment to align with global best practices and meet the growing demands from stakeholders for timely data. Currently, the IIP is released on the 12th of each month, with a maximum wait of 42 days after the reference month. The upcoming changes will streamline this process, allowing for quicker access to vital economic indicators. The IIP serves as a crucial short-term measure of industrial growth, reflecting the performance of various sectors within the economy.
International Standards and Stakeholder Needs
MoSPI’s initiative to reduce the IIP release timeline is in accordance with international recommendations. The United Nationsโ International Recommendations for Index of Industrial Production (IRIIP)-2010 suggest that monthly IIP data should be available within 45 days post-reference month. Similarly, the International Monetary Fund’s Special Data Dissemination Standards (SDDS) require a six-week release timeframe. By adopting a 28-day release schedule, MoSPI not only meets but exceeds these international benchmarks.
The decision to revise the release timeline was influenced by advancements in data collection and processing technologies. In June 2024, MoSPI established a committee to evaluate the feasibility of this change, ensuring that the quality of data would not be compromised while improving response rates. The committee included representatives from various data source agencies, reflecting a collaborative approach to enhancing data dissemination.
Revised Revision Policy for IIP
In addition to the expedited release schedule, MoSPI will also modify its revision policy for the IIP. Previously, the Quick Estimates underwent multiple revisions, but under the new policy, they will only be revised once, transitioning to Final Estimates in the following month. This change simplifies the reporting process, reducing the number of estimates from three to two: Quick and Final Estimates.
MoSPI aims to implement these changes effectively while maintaining the integrity of the data. The next IIP estimates will be released on April 28, 2025, at 4:00 PM, and will include Quick Estimates for March 2025, along with Final Estimates for December 2024, January 2025, and February 2025. This streamlined approach is expected to enhance the accessibility and usability of industrial production data for policymakers, businesses, and researchers alike.
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