INDEX OF EIGHT-CORE INDUSTRIES
Why in news : The combined Index of Eight Core Industries increased by 5.4 per cent in November 2022 as compared to the Index of November 2021, but petroleum and refinery products output hits record 21 month low.
ABOUT Index of Eight Core industries :
- The Index is released by The Office of economic adviser, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
- It is a broad indicator used for measuring the growth rate of industry groups.
- Department of Industrial Policy and Promotion (DIPP) is the biggest source of data used for the calculation of this indicator.
- Base Year for Index of eight core industries is 2011-2012.
- The Eight Core Industries comprises 40.27% of the weight of items included in the Index of Industrial Production (IIP) viz,
- Petroleum and Refinery Products-28.04
- Electricity-19.85%
- Steel-17.92%
- Coal-0.33%
- Crude Oil-8.98%
- Natural Gas-6.88%
- Cement-5.37%
- Fertilizers-2.63%
- The Index of Eight Core Industries signifies the total production volume in the eight important industries.
- The growth of the country’s economy largely depends on the growth of these eight industries.
- It is also used by government and other agencies including the RBI etc for policy-making purposes.
Syllabus : Prelims, Indian economy
