Index Of Industrial Production:
India’s Index of Industrial Production in India declined to a three-month low of 3.7 per cent in June, mainly due to poor showing by the manufacturing sector.
- It is one of the Prime indicators of economic development for the measurement of trends in the behavior of Industrial Production over a period of time with reference to a chosen base year.
- It indicates the relative change of physical production in the field of industries during a specified year as compared to the previous year.
- It is computed and published by the National Statistical Office (NSO) on a monthly basis.
- The base is always given a value of 100.
- The current base year for the IIP series in India is 2011-12.
- If the current IIP reads as 116, it means that there has been 16% growth compared to the base year.
Index of Eight Core Industries (ICI):
- ICI measures the collective and individual performance of production in selected eight core industries Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilizers, Steel, Cement and Electricity.
- The objective of the ICI is to provide an advance indication of production performance of industries of ‘core’ nature before the release of IIP by the Central Statistics Office.
- These industries are likely to impact general economic activities as well as industrial activities.