The government has authorised economic think-tank Centre for Monitoring Indian Economy (CMIE) to collect data to be used for compilation of the new series of Index of Industrial Production (IIP)."The Department of Industrial Policy and Promotion has entered into an agreement with CMIE to collect data for compiling the new series of IIP," an official release said.
The current series of IIP, which is based on 1993-94 as base year is fast becoming outdated and DIPP has taken steps to compile the new series with a more recent base year, it said.
Earlier, the government has expressed its serious doubts over IIP figures particularly dismal numbers for August. The growth of India's industrial production plummeted to 1.3 per cent in August from 10.9 per cent a year ago.
The IIP is generated by the Central Statistical Organisation (CSO) based on the data provided by the various source agencies. The DIPP is the single largest source of data for the IIP, it added.
The renewed effort of the DIPP utilising the services of CMIE could facilitate the release of the new IIP series at an early date. CMIE has a nationwide branch network for collection of corporate sector data relating to industrial production.
It is imperative that business enterprises cooperate with the government and CMIE in sharing its production statistics on a regular basis.
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