Industrial Production y/y reflects changes in the volume of manufactured goods and in industrial sector activity, in the given month compared to the same month of the previous year. The index is published by the Central Statistics Office on a monthly basis. Industry sector covers mining, manufacturing and energy companies.
For indicator calculation purposes, production volumes are expressed as the output value. If production of goods takes more than one month (such as for example cars), such goods are accounted as 'Operating Work in Progress'. This allows avoiding spikes which may appear when collecting data in pure quantitative terms. A deflator is used in the value added production calculation.
IIP is a composite index, in which the final value is calculated using production values of individual Indian industries. The index is calculated relative to the base period, which has the benchmark level of 100 (adopted in 2011-2012). The benchmark year data is used as the weight reference, which is updated from time to time to reflect actual changes in the industry structure and composition, which can be connected with technological development, economic reforms and changes in the consumptions structure.
Source agencies select companies for specific groups of products to collect statistics. The agencies are Indian Ministries and government departments, they provide the collected data to the working group of the Ministry of Statistics. Data is published with a time lag of 42 days, every month, on 12th.
The indicator publication is carefully monitored by economists and analysts, as it reflects the effectiveness of the country's economy and its direction. A higher than expected reading can be seen as positive for Indian rupee quotes.
The chart of the entire available history of the "India Industrial Production y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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