- 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 industrial output of the country in February 2023 rose 5.6 percent, on a year-on-year basis. As per the data from the Ministry of Statistics, the index of industrial production (IIP) expanded as the manufacturing sector’s output increased by 5.3 percent in February, and Mining output rose by 4.6 percent. Power generation surged 8.2 percent during the month under review.
- For the month of January this year, IIP growth was revised to 5.5 percent from 5.2 percent. IIP grew 1.2 percent in February last year.