MOSPI Speeds Up IIP Release: Now on 28th of Every Month

New Delhi, Apr 17 (PTI) The Ministry of Statistics and Programme Implementation (MOSPI) on Thursday advanced the release of Index of Industrial Production (IIP) by two weeks and fixed 28th of every month for the issue of the macro economic data from April onwards.

Presently, the ministry releases the IIP data within six weeks on 12th of every month.

The MoSPI is making continuous efforts to bring significant improvement in dissemination of its statistical products in sync with international best practices and timelines, a ministry statement said.

According to the statement, MOSPI releases consumer price indices within 12 days after the end of the reference month, which is among the best globally.

Similarly, survey reports of NSS are now released within 90 days of completion of fieldwork.

"From April 2025 onwards, All India Index of Industrial Production (IIP) will be released on 28th of every month at 4:00 PM within 28 days from the reference month. For a particular month IIP will be released as Quick Estimates followed by a Final Estimate," the statement said.

The IIP is a crucial short-term indicator of industrial growth in the country.

MOSPI now plans to release the Index of Industrial Production (IIP) within 28 days instead of 42 days.

The MoSPI presently releases the monthly all India Index of Industrial Production (IIP) on the 12th of every month (previous working day if 12th is a holiday) within 42 days from the reference month.

The compilation and release of IIP in India commenced with base year 1937, which was successively revised to 1946, 1951, 1956, 1960, 1970, 1980-81, 1993-94, 2004-05 and 2011-12.

The United Nations' International Recommendations for Index of Industrial production (IRIIP)-2010 provide that the monthly IIP be released within 45 days after the end of the reference month.

Similarly, the Special Data Dissemination Standards (SDDS) of the IMF requires that the index for any reference month should be released within six weeks from the end of that month.

In accordance with these international standards in data dissemination, MOSPI has been releasing IIP indices within 42 days after the end of the reference month.

In recent times, considering the advancement in data collection and processing technologies, there is a growing demand from stakeholders for reducing the timeline of release of IIP.

Recognizing this need, MoSPI constituted a committee, in June, 2024, to examine the feasibility of reducing the timeline of release of IIP, its revision schedule, while maintaining the response rates and without compromising the quality.

After due consultations with the source agencies and in keeping with stakeholders' aspirations, it has been decided to reduce the timeline of release of IIP from 42 days to 28 days from reference month and also to do-away with second revision of IIP.

Accordingly, MoSPI will henceforth release the monthly All India Index of Industrial Production (IIP) on 28th of every month at 4:00 PM (next working day if 28th is a holiday).

The Quick estimate for a specific month will undergo revision only once, in the next month as the final estimate, as per the revised revision policy.

Thus, MOSPI will now release only two estimates (Quick estimate and Final estimate) of a particular month instead of the earlier practice of releasing three estimates (Quick estimates followed by a 1st Revised estimate and a 2nd Revised (final) estimate).

Accordingly, MoSPI will release the next IIP estimates on April 28, 2025, at 4:00 PM.

This release will include - Quick estimates for March 2025, and the Final estimates for December 2024, January 2025 and February 2025.