India's industrial output grew at a robust 2.7 percent in March from 1.9 percent in February, mainly due to a revision in the base year to 2011-12, replacing the current base of 2004-05.
According to agency reports, India registered a 2.7 per cent rise in the industrial output in March as against 5.5 per cent a year ago.
In Asia, China's annual consumer inflation edged up to 1.2 per cent in April from March's 0.9 per cent, while quickening in Indonesia to a 13-month high of 4.17 per cent.
India's wholesale inflation or Wholesale Price Index (WPPI) for the month of April 2017 rose 3.85% as against the same month of a year ago.
With an aim to align all major macroeconomic indicators, the government on Friday released new series of WPI and IIP, shifting the base year for both the indicators to 2011-12 from 2004-05. The change in the IIP base year is usually undertaken to reflect the changes in the structure and composition of the industry over time because of consumption pattern, technological changes and economic reforms.
In a statement, Dr. A. Didar Singh, Secretary General, FICCI said, "FICCI welcomes the release of the new WPI series". Inclusion of electricity generation from renewable sources have also been included in the new IIP series. In the new series, prices used for compilation do not include indirect taxes and will remove impact of fiscal policy.
"CPI inflation for April provided a positive surprise, printing significantly lower than our expectations of 3.6 per cent, led primarily by food items and may well remain below 3.5 per cent in the ongoing quarter", Nayar said.
The National Industrial Classification 2008 will be followed in the new series for the objective of classification of products as per industries.
Economists said the new series reflects the changes in the economy over the years. Similarly, the figure for 2016-17 was 0.7 per cent as against 2.4 per cent in the previous fiscal.
Also, 124 items such as biaxially oriented (olypropylene) (BOPP) films, calculators, colour TV picture tubes and gutka have been removed from the 2004-05 series, which had 620 items in the manufacturing sector. "A new food index is being compiled combining the food articles under primary articles and food products under manufactured products".