MoSPI Proposes Chain-Based Methodology with Annual Weight Updates for IIP

The Ministry of Statistics and Programme Implementation (MoSPI) is revising the Index of Industrial Production (IIP) methodology by shifting from a fixed-base Laspeyres framework to a chain-linked approach with annual weight updates. This change aims to better reflect the evolving industrial structure by adjusting sectoral and industry weights yearly, using the latest national accounts and industry data. MoSPI has released a discussion paper and invited stakeholder comments by January 25, with the updated IIP data based on the 2022-23 base year expected in May.