Mumbai, Jan. 14 -- The Ministry of Statistics and Programme Implementation (MoSPI) is undertaking the base revision exercise of the Index of Industrial Production (IIP). In the process, MoSPI is revisiting methodologies, exploring new data sources and incorporating changes after comprehensive consultations with the experts, academicians, users and other stakeholders. Traditionally, the IIP has been compiled using a fixed-base Laspeyres framework, in which sectoral and industry weights remain unchanged until a base-year revision.

However, with production shifts in response to demand, technology, and policy changes, some industries expand, while others decline or disappear, and entirely new industries or production lines within an industry...