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Index of Eight Core Industries

Posted on March 1, 2022 by admin1  3188

In News

  • The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) has released the Index of Eight Core Industries (ICI).

About Index of Industrial Production (IIP)

  • It is a composite indicator that measures the growth rate of industry groups classified under:
    • Broad sectors, namely, Mining, Manufacturing, and Electricity.
    • Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods.
  • In India, the first official attempt to compute the Index of Industrial Production (IIP) was made much earlier than the first recommendation on the subject came at the international level. 
  • With the inception of the Central Statistical Organization (now known as the National Statistics Office (NSO)) in 1951, the responsibility for compilation and publication of IIP was vested with it.
  • Ministry: Ministry of Statistics and Programme Implementation.
  • Base year: 2011-2012
  • Sources of data: NSO compiles the Index of Industrial Production (IIP) using secondary data received from 14 source agencies in various Ministries/Departments or their attached/subordinate offices.
  • The Department of Industrial Policy and Promotion (DIPP) is the source for the major chunk of data for the calculation.

About Eight Core Sectors

  • These comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
  • The eight core sector industries in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.

Source: PIB

 
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