The setback to an economy where most people are paid and buy what they need with cash appears to have been mercifully shortlived.
Any index is created based on a basket of goods which exists at a point of time, which is taken to be the base year, and then is tracked either in quantity terms (IIP) or prices (WPI) over a period of time.
The Central Statistical Office (CSO) revised India's wholesale price index (WPI) and industrial production (IP) series last week, changing the base year to 2011-12 (from 2004-05).
The change in baseline for the IIP and WPI is expected to bring in more accuracy in mapping the level of economic activity and calculating other numbers like national accounts
The biggest mystery is about the surge in private consumption.
Annual retail food inflation eased to 1.37 percent last month from a revised 2.03 percent in November, helped by lower prices of vegetables and pulses.
The factory output for the April-September period of the current financial year declined by 0.1 percent compared to 4 percent growth in the year-ago period
An improvement in demand conditions is likely only in second half of this financial year
Mechanisation and technology have disrupted traditional industrial production, upended manual jobs and call time on the work that has been done by generations of families.
Demand-driven pressures are likely to be stoked by a hike of salaries and pensions for about 10 million government employees and pensioners that took retroactive effect on 1 January
Industrial production grew 1.2 percent in May from a year ago. The provisional 0.8 percent contraction in April has been revised downwards to -1.34 percent.
Moody's says expectations of a good monsoon will help headline inflation remain steady
Industrial production grew at a nearly three-year high of 6.4 percent in August on account of improvement in manufacturing.
India's industrial production in July was quite disappointing. July IIP was at 0.5 percent as against 3.4 percent in the previous month.
Finance Secretary Arvind Mayaram told an industry event that industrial production data suggested that corporate order books are building up.
The June IIP figures and July CPI should not be dismissed airily as a blip.
Even if inflation moderates as expected, levels around 7 percent remain way above the Reserve Bank of India's (RBI) perceived comfort level of between 4-4.5 percent.
Many analysts are attributing positive factory output growth in October to a weak statistical base from a year ago when it shrank 5 percent, rather than an improvement in actual production.