MOSPI Redefines IIP Release Timing: A Shift towards Faster Insights
Introduction The Ministry of Statistics & Programme Implementation (MoSPI) is making a significant shift in its approach to data dissemination, particularly for the Index of Industrial Production (IIP). With a focus on international best practices and aligning with global standards, MOSPI has decided to reduce the timeline for releasing its statistical products. This move not only accelerates the availability of crucial economic insights but also addresses stakeholder needs by streamlining revisions in subsequent releases.
Background MOSPI is committed to delivering timely and accurate data to stakeholders worldwide. Over the years, it has established a protocol for the release of key industrial output indicators like the IIP. The most recent updates reveal that the all-india IIP is currently released every month within 42 days after the end of the reference month. This process involves compiling quick estimates and later conducting revisions based on subsequent data releases from source agencies.
However, this current timeline has faced criticism for being too long, potentially delaying decision-making in industries that rely on timely data. To address these concerns, MOSPI has introduced a revised plan aimed at streamlining the release of IIP data.
MOSPI’s New Approach to Release Timing In 2024, MoSPI constituted a committee to evaluate the feasibility of reducing the timeline for IIP releases from 42 days to 28 days. This change aligns with international best practices, particularly as per the United Nations’ International Recommendations for Index of Industrial Production (IRIIP)-2010, which mandate that monthly IIP data be released within forty-five days after the end of the reference month.
Additionally, MOSPI has decided to remove the second revision from IIP releases altogether. This decision aims to reduce revisions and streamline the release process, ensuring timely insights for stakeholders without the delays associated with multiple revisions.
The proposed change means that MOSPI will now release the monthly “All India Index of Industrial Production” on every 28th day of each month, starting from April 2025. This timeline reduces the number of estimates released per month to just two: a quick estimate for March 2025, followed by full estimates for December 2024, January 2025, and February 2025.
Impact on Stakeholders The reduction in release times has significant implications for industries that rely on timely data. Businesses and stakeholders often wait for revisions before making decisions based on released IIP reports. By streamlining the process, MOSPI is enabling faster insights while still ensuring quality and accuracy in its releases.
For example, a business owner might have expected revisions to be released monthly but now will receive quick estimates with fewer revisions before full data becomes available. This aligns with their expectations for timely decision-making.
Case Studies and Examples To illustrate the impact of this change, consider the following examples:
- March 2025 IIP Release: The quick estimate for March 2025 will now be released in a timely manner without additional revisions. This reduces the waiting time for stakeholders to react to changes in industrial output.
- December 2024 IIP Release: A full estimate is expected to be released on or before January 2025, ensuring that relevant data becomes available sooner than anticipated.
- January and February 2025 IIP Releases: Similar timelines apply for the release of full estimates in these months, allowing stakeholders to make informed decisions based on more timely data.
These changes not only improve efficiency but also position MOSPI as a leader in delivering timely economic insights globally.
Conclusion MOSPI’s shift toward reducing the timeline for IIP releases reflects its commitment to align with international standards and faster decision-making. By implementing this revised protocol, MOSPI is making significant strides towards providing businesses and stakeholders with timely and accurate data, ensuring that they have the tools they need to thrive in a rapidly changing world.
As the IIP continues to be released under these new timelines, it will become an even more critical component of economic and industrial planning for stakeholders worldwide.