INDIAN CORE SECTOR AND IIP

The growth of eight core infrastructure sectors rose by 12.7% in June against 9.4% in the year-ago, period with all sectors except crude oil registering an uptick in production.

What are the Core Sector Industries?

The eight-core sector industries include coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity.
All these core industries are considered as main or key industries of the economy and serve as the backbone of all other industries
The eight Core Industries in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.
The eight core industries comprise 40.27% of the weight of items included in the Index of Industrial production.

Index of Industrial Production (IIP)

IIP is an indicator that measures the changes in the volume of production of industrial products during a given period.
It is compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics, and Programme Implementation.
The base year of the index has been revised to 2011-12 from 2004-05 in alignment with the new series of IIP.

It is a composite indicator that measures the growth rate of industry groups classified under:

Broad sectors: Mining, Manufacturing, and Electricity.
Use-based sectors: Basic Goods, Capital Goods, and Intermediate Goods.

Significance of IIP:

It is used by government agencies including the Ministry of Finance, the Reserve Bank of India, etc, for policy-making purposes.
IIP remains extremely relevant for the calculation of the quarterly and advance GDP (Gross Domestic Product) estimates.

Source: The Economic Times

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