No, it is not. It's rather unintuitive, but here's how it works.
Under CG, you have to devote less IC to Consumer Goods, leaving more for useful purposes. In the case of Majors, the difference can be huge (25-40 IC per day).
Under MI, you have to keep more IC devoted to Consumer Goods, but stuff you build will be build a lot faster.
At first sight, it looks like CG is the clear winner, but the devs added a 5% difference between the two version of the game, that makes a world of difference.
It all works through faster acquisition of Practicals. Stuff you build in MI will finish faster, so you will have less Practical Decay, which, over the course of 3 years, can make a huge difference.
I did a test once, long ago, as Germany, building the exact same things twice between '36 and '39. Under MI, I finished faster, leaving me enough time to get started on the port guards you'll need after spring of 1940.
Now, let's be perfectly clear. If you plan on building a lot of everything, you may not have the same result. However, if you need a lot of the same thing, MI is the better choice.
We'll deal with production in more detail after we're done with Romania.