IIP growth slowed to 0.4% in December
Part of: Prelims and GS-III Economy
Context: As per official estimates for the Index of Industrial Production (IIP), India’s industrial recovery slowed sharply in December, with output growing just 0.4% year-on-year, and manufacturing activity contracting 0.1%.
- IIP is a composite indicator measuring changes in the volume of production of a basket of industrial products over a period of time, with respect to a chosen base period.
- The base year used for IIP calculations is 2011-12.
- It is compiled and published on a monthly basis by the Central Statistical Office with a time lag of six weeks from the reference month.
- Coal, Crude Oil, Natural Gas, Refinery Product, Steel, Cement and Electricity are known as Core Industries.
- The eight Core Industries in decreasing order of their weightage: Refinery Products > Electricity > Steel > Coal > Crude Oil > Natural Gas > Cement > Fertilizers.
- The eight Core Industries comprise nearly 40.27 % of the weight of items included in the Index of Industrial Production (IIP).
News source: TH