According to data furnished by the Ministry of Statistics and Programme Implementation, the base year of the current Index of Industrial Production (IIP) has been revised from 2004-05 to 2011-12.
Under the new series with a 2011-12 base year, the Index of Industrial Production (IIP) rose 5% in the financial year and 2.7% in March, data released on Friday by the Central Statistics Office (CSO) showed.
Inflation on the consumer price index, which has been revised to a new series earlier, too declined to 2.99% in April, against 3.81% in the previous month.
Economists say the lower CPI and WPI numbers aren't likely to provide room for any policy rate cut anytime soon due to upside risks to core inflation, which excludes food and fuel. The data also revealed that the category of primary goods, which has replaced the category of basic goods, registered a growth of 4.9 per cent last fiscal as against 5 per cent in 2015-16.
Welcoming the base revision of IIP series, Mr. Pankaj Patel, President, FICCI, said "The new base year was highly desirable to have a more representative and contemporary assessment of the industrial growth".
"The goal of these changes is to align WPI with GDP and IIP, and hence the 2011-12 base year has been taken", Department of Industrial Policy & Promotion Secretary Ramesh Abhishek said at the press conference.
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In the new series of IIP, items like gutka, calculators and colour TV picture tubes have been removed with 2011-12 as base year, while steroids and refined palm oil are among those that have found place in it.
As per the last data, IIP for the month of February fell by 1.2% on year-on-year basis, as against the estimate of 1.3%.
India's consumer inflation eased in April to its lowest in at least five years, reviving a debate on whether the Reserve Bank of India (RBI) should revisit policy easing even as most analysts expect it to hold rates for the time being. "The switch to a new base is a culmination of a sustained effort to align the data with the new GDP series", CII Director General Chandrajit Banerjee said.
Latest data released by CSO shows that electricity sector expanded 6.2 percent in March from 1.2 percent in February and 11.9 percent previous year.
The new series of IIP showed higher growth rates in most months in the period April 2012 to March 2017, as compared to the existing series. Electricity's share in the index witnessed a decline to 7.9 percent from 10.3 percent and includes data renewable energy sources.
A deflation of 13.64% in the prices of pulses was an influencing factor.