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The government will on Tuesday evening release the keenly-watched factory output data for the month of May. The Index of Industrial Production (IIP) had grown 7.1 per cent in April this year after remaining subdued for the preceding seven months. Industrial production had grown by 13 per cent in August last year. Thereafter, the IIP growth remained below 4.4 per cent (in September) and touched the lowest level of 1 per cent in November as well as December last year. IIP growth was recorded at 27.6 per cent in May last year, mainly due to the low-base effect. This macroeconomic datapoint is important for policymakers as it showcases the current state of manufacturing, mining and other important sectors. Releasing the IIP data for April last month, the Ministry of Statistics and Programme Implementation had stated that the growth rates over the corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of the COVID-19 pandemic since March 2020. The Quick Estimates of IIP are released on the 12th of every month (or previous working day if 12th is a holiday) with a six-week lag. They are compiled from data received from source agencies, which in turn receive the inputs from the producing factories/ establishments.