Data released by the Central Statistics Office (CSO) showed that IIP grew 2.7% in March under the new series against 2.5% under the old series. This will align these data with gross domestic product (GDP) data, which is already being measured on a 2011-12 base year. The new series of IIP data demonstrates a rebound of industrial output in 2016-17, the industry lobby group Confederation of Indian Industry (CII) said in a statement. “The new IIP series indicates that volume growth in the industrial sector in the last five years has not been as anaemic as previously feared. Under the new series, the manufacturing sector grew 1.2% in March and the mining and electricity sectors grew 9.7% and 6.2%, respectively.

Source: Mint May 12, 2017 13:46 UTC