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DAILY NEWS ANALYSIS

  • 30 July, 2022

  • 8 Min Read

INDIAN CORE SECTOR AND IIP

INDIAN CORE SECTOR AND IIP

The growth of eight core infrastructure sectors rose by 12.7% in June against 9.4% in the year-ago, period with all sectors except crude oil registering an uptick in production.

What are the Core Sector Industries?

  • The eight-core sector industries include coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity.
  • All these core industries are considered as main or key industries of the economy and serve as the backbone of all other 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 40.27% of the weight of items included in the Index of Industrial production.

Index of Industrial Production (IIP)

  • IIP is an indicator that measures the changes in the volume of production of industrial products during a given period.
  • It is compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics, and Programme Implementation.
  • The base year of the index has been revised to 2011-12 from 2004-05 in alignment with the new series of IIP.

It is a composite indicator that measures the growth rate of industry groups classified under:

  • Broad sectors: Mining, Manufacturing, and Electricity.
  • Use-based sectors: Basic Goods, Capital Goods, and Intermediate Goods.

Significance of IIP:

  • It is used by government agencies including the Ministry of Finance, the Reserve Bank of India, etc, for policy-making purposes.
  • IIP remains extremely relevant for the calculation of the quarterly and advance GDP (Gross Domestic Product) estimates.

Source: The Economic Times


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