About 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.
• Mining, manufacturing, and electricity are the three broad sectors in which IIP constituents fall.
• It is compiled and published every month by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation.
• The current base year is 2011-2012.
• The Eight Core Industries comprise 40.27 per cent of the weight of items included in the IIP.

Why in News?

• The Index of Industrial Production (IIP) grew by 5.2 percent in May 2023 from 4.2 percent in April this year.
• As per the Ministry of Statistics and Programme Implementation data, the manufacturing sector’s output grew 5.5 percent and Mining output rose by 5.8 percent for the reported period.
• In May 2022, IIP was at all time high-growth of 19.6 percent.

https://newsonair.gov.in/News?title=IIP-grows-by-5.2%25-in-May-2023-from-4.2%25-in-April-2022&id=464119