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A high-level government panel is expected to approve a new basket of items to be used in the index for measuring the country’s industrial production soon.
Several items like digital camera, mobile phones and digital disc players will be added to the list of 350 items, while obsolete articles like typewriters, loud speakers and VCRs would be taken off to make the series more representative of the present scenario.
The base year for the new series will be changed to 2004—05 from 1993—94, an official said.
The Index of Industrial Production (IIP) for the month of April is expected to be based on the new model of measuring the country’s factory output. The April date would be released in June.
“The Committee of Secretaries (CoS) will take up the issue soon for its approval,” the official said.
The new IIP series will reflect the industrial scenario better with the change in the base year for the benefit of policymakers and market participants, he said.
About 150 new items are likely to find a place in the fresh series of IIP.
The Department of Industrial Promotion and Policy (DIPP) and Central Statistical Organisation (CSO) are working on the new series.
The industrial output data or IIP is released on monthly basis.
The latest IIP data available is for the month of February. In February, the IIP grew by merely 3.6 per cent, as against 15.1 per cent in the same month last year.
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