India's IIP (Index of Industrial Production)

About India’s Index of Industrial Production

The Index of Industrial Production (IIP) tracks changes in the volume of industrial output relative to a reference period. IndiaGraphs provides series labelled Base Year 2011–12 and Base Year 2022–23. An index is a measure of relative movement; it is not the rupee value of industrial production.

Datasets available on this graph

• Base Year 2011-12
• Base Year 2022-23

What an IIP Reading Means

An index value of 120 on a given base indicates that the measured level of industrial production is 20% above that series’ base-period reference. It does not mean industrial output grew 20% in the latest month or year. Growth rates require comparing observations within a consistent series.

Why Base-Year Changes Matter

A new base year can involve more than setting the index back to 100. It may introduce revised weights, coverage, product selection and calculation methods. Values from the 2011–12-base and 2022–23-base series should therefore not be joined or compared as though they were one uninterrupted series without an official linking method.

IIP Growth Versus the Index Level

An increase in the index indicates higher measured industrial output relative to the comparison period. The year-on-year growth rate indicates how quickly that output changed from a year earlier. A positive growth rate can coexist with a level below an earlier peak, depending on the starting point.

Using the Two Series

Choose a single base-year series for within-series trend analysis. If a longer historical comparison is needed, use officially linked or otherwise documented comparable data. Confirm the observation frequency, seasonal effects and revision status before drawing conclusions from short-term changes.