- 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 Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments.
- For the month of September 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 141.6.
- These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.