- Index of Industrial Production (IIP)
Index of Industrial Production (IIP)
Focus: GS Paper – 3: Mobilization of Resources, Quick Facts For Prelims
For the month of April 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 135.1 The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of April 2022 stand at 116.0, 132.5 and 194.5 respectively.
- As per Use-based classification, the indices stand at 139.3 for Primary Goods, 90.6 for Capital Goods, 150.2 for Intermediate Goods and 149.4 for Infrastructure/ Construction Goods for the month of April 2022. Further, the indices for Consumer durables and Consumer non-durables stand at 112.1 and 140.4 respectively for the month April 2022.
About Index of Industrial Production (IIP):
- The Index of Industrial Production (IIP) is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products during a given period with respect to that in a chosen base period.
- The responsibility for compilation and publication of IIP was vested with the Central Statistical Organization (now known as National Statistics Office (NSO)) under Ministry of Statistics and Programme Implementation.
- It is published every month.
- The new and current base year for IIP is 2011 – 12. The previous base year was 2004 – 05.
- This index gives the growth rates of different industry groups of the economy over a specified time period.
- Industrial sectors measured under this index are manufacturing, mining, electricity, capital goods, basic goods, intermediate goods, infrastructure goods, consumer durables, and consumer non-durables.
- The eight core industries of India represent about 40% of the weight of items that are included in the IIP.
- The Eight Core Sectors/Industries are:
- Refinery products
- Crude oil
- Natural gas
- It is also used for estimating the Gross Value Added of the manufacturing sector quarterly.
- Core industries in the IIP: