Contraction in July Factory Output: IIP

  • IASbaba
  • September 18, 2020
  • 0
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Contraction in July Factory Output: IIP

Part of: GS Prelims and GS-III – Economy; Industries

In news

Important value additions

Index of Industrial Production (IIP)

  • It is an indicator that measures the changes in the volume of production of industrial products during a given period.
  • It is compiled and published monthly by the National Statistical Office (NSO).
  • Ministry: Ministry of Statistics and Programme Implementation.
  • Base Year for IIP is 2011-2012.
  • Core Sector Industries comprise 40.27% of the weight of items included in IIP.
  • The eight core Industries in decreasing order of their weightage: (1) Refinery Products; (2) Electricity; (3) Steel; (4) Coal; (5) Crude Oil; (6) Natural Gas; (7) Cement; (8) Fertilisers.

Do you know?

  • Significance of IIP: (1) It is used by government agencies for policy-making purposes; (2) It is extremely relevant for the calculation of the quarterly and advance GDP estimates.

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