Index of Eight Core Industries and Index of Industrial Production
Why in news:
- India’s 8 core sectors’ output growth hit a 3month high of 7.4% in December, from a revised uptick of 5.7% in November, with all sectors except crude oil reporting a rise.
- Overall, the eight core sectors have now registered an 8% growth in the first nine months of 202223, compared with 12.6% in the same period of 202122.
More about Index of Eight Core Industries:
- It measures combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
- The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
- It is released by Office of Economic Advisor, Ministry of Commerce and Industry.
About Index of Industrial Production:
- The Index of Industrial Production(IIP) is an index for India which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing.
- The all India 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.
- It is compiled and published monthly by the Central Statistical Office (CSO), Ministry of Statistics and Programme Implementation six weeks after the reference month ends.
- The current base year for the IIP is 2011-2012.
Syllabus: Prelims; Indian Economy
