Indexing Indian production

A new series of the Index of Industrial Production (IIP) with 2004-05 as the base year will be used to estimate the industrial growth from April, the first month of the fiscal year 2011-12. The quick estimates to be released in the second week of June will mark a major improvement over the current series, which has 1993-94 as the base year and is outdated in many ways, with the UN statistical commission recommending incorporation of substantial changes to the IIP.

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