- 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 grew by 3.7 percent in June 2023 from 5.3 percent in May this year.
- As per the Ministry of Statistics and Programme Implementation data, manufacturing sector’s output grew by 3.1 percent and Mining output rose by 7.6 percent for the reported period.