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What is Index of Industrial Production (IIP)?
Industrial output grew by 4.4 percent in March, the slowest in five months, due to a fall in capital goods production and deceleration in mining activity, according to the official data. Industrial growth measured by the Index of Industrial Production (IIP) in 2017-18 too decelerated to 4.3 percent from 4.6 percent in the previous fiscal.
Industrial output grew by 4.4 percent in March, the slowest in five months, due to a fall in capital goods production and deceleration in mining activity, according to the official data. Industrial growth measured by the Index of Industrial Production (IIP) in 2017-18 too decelerated to 4.3 percent from 4.6 percent in the previous fiscal. The IIP grew by 4.4 percent in March 2017, the same as in March this year, the data released by the Central Statistics Office (CSO) showed on Friday. The previous low at 1.8 percent was recorded in October 2017.
IIP data indicates about Index of Industrial Production (IIP). The IIP is a composite indicator that measures the changes in the volume of production of a basket of industrial products during a given period with respect to the volume of production in a chosen base period. The data refers to the General Index as well as for each industry group. The base year for the current series of IIP is 2011-12.
The Central Statistical Organisation (CSO) is responsible for the compilation and publication of the Index of Industrial Production (IIP) since 1950. The IIP is compiled as a simple weighted arithmetic mean of production relatives by using Laspeyre’s formula. The IIP is a quantum index, the production of items being expressed in physical terms. However, the unit of reporting in respect of certain items like machinery, machine tools, ship building, etc. is in value terms.
The monthly figure of production value in such cases is first deflated by the Wholesale Price Index (WPI) of the corresponding categories, released by the Office of the Economic Adviser, Ministry of Industry. The scope of the IIP as recommended by the United Nations Statistical Office (UNSO) includes mining, manufacturing, construction, electricity, gas and water supply. But due to constraints of data availability, the IIP compiled in India has excluded construction, gas and water supply sectors.
