New IIP, WPI series introduced, show overall benign macronumbers

April CPI inflation also declines to record low of 2.99%; manufacturing woes persist

The new-look index of industrial production (IIP) and the wholesale price index (WPI), which were declared on Friday and have been built on the new series of data, paint a healthier picture of the Indian economy in 2016-17 than the old series did. However, the impact of demonetisation still persisted on industrial production, particularly manufacturing, which declined in March over February. Besides, investments are yet to pick up. The base year for the indices in the new series has shifted to 2011-12, against the earlier 2004-05.

The series has been revised after eight years. “Our attempt will be to revise the