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IIP growth slowed to 0.4% in December

  • IASbaba
  • February 12, 2022
  • 0
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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%.

About IIP

  • 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

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