Technical Advisory Committee Report released on revising the Index of Industrial Production base year from 2011-12 to 2022-23

📌 Summary:

• MoSPI released the Report of the Technical Advisory Committee on Base Year Revision of the All-India Index of Industrial Production (TAC-IIP), shifting the IIP base year from 2011-12 to 2022-23
• TAC-IIP was constituted in September 2024 under Dr. Mridul K. Saggar (Professor, IIM Kozhikode); it held 11 meetings and released 3 discussion papers (factory substitution, chain-based index, seasonal adjustment)
• New series expands coverage to include Minor Minerals, Rare Earth Minerals, Gas Supply, Water Supply and Sewerage & Waste Management
• Revised item basket has 1,042 products mapped to 463 item groups; aligned with National Industrial Classification (NIC-2025)
• New sub-indices introduced — separate indices for electricity from renewable vs non-renewable sources; Mining split into Fuel Minerals, Metallic Minerals (incl. Rare Earth) and Non-Metallic Minerals
• Geometric Mean method to be used to link the old 2011-12 series with the new 2022-23 series
• New IIP series to be officially launched on 1 June 2026, with index values from April 2023 onwards including Quick Estimates of April 2026

🎯 UPSC Relevance: GS3 (Indian Economy) — economic indicators, statistical system reforms, measurement of industrial growth.

📝 Prelims Facts:

• IIP base year revised from 2011-12 to 2022-23
• TAC-IIP chaired by Dr. Mridul K. Saggar (IIM Kozhikode)
• New basket: 1,042 products mapped to 463 item groups; aligned with NIC-2025
• New series launch date: 1 June 2026
• IIP is compiled and released by MoSPI

🔑 Key Term: Index of Industrial Production (IIP) — a composite indicator measuring short-term changes in the volume of industrial output across the mining, manufacturing and electricity sectors.