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Nod for new index for measuring industrial output
17 May 2011: Production trend in 100 new items, including ice cream, fruit juices and mobile phones will weigh on measuring the pace of industrial production, as per the new index series approved by the Union Government.
The new index of industrial production (IIP) which will come into effect from 10 June 2011, with the base year 2004-05, has been approved by the Committee of Secretaries (CoS).
The new items in the IIP will also include computer stationary, newspapers, chemicals like ammonia, ammonia sulphate, electrical products like solder power systems, gems and jewellery and molasses. On the other hand, obsolete articles like typewriters, loud speakers and VCRs would be taken off to make the series representative of the present-day industrial production and demand scenario.
The base year for the new series will be changed to 2004-05 from 1993-94. The IIP for April would be based on the new model of measuring the country’s factory output. The April data would be released on June 10. The new IIP series will help policymakers and market participants.
Source: Hindu Business Line