December rang in a mild recovery in industrial output

Syllabus: GS-III

Subject: Economy 

Topic: Indexes and reports.

Issue: Index of Industrial Production

Context: India’s industrial output showed a mild recovery in December 2023, increasing from 2.4% in November to 3.8%.

Prelims Connect:

Index of Industrial Production (IIP):

1.      Key indicator of industrial output trends over time.

2.     Reflects relative change in production compared to a chosen base year.

3.     Published monthly by the Central Statistical Organisation (CSO).

4.     Base year for India’s IIP series: 2011-12.

5.     The current base year value is always set at 100.

The National Statistical Office (NSO) prepares the index.

Index of Eight Core Industries (ICI):

1.      Measures performance of crucial sectors like Coal, Crude Oil, etc.

2.     Provides early indication of production performance.

3.     Compiled and released by the Office of the Economic Adviser (OEA), DIPP.

4.     Influences both overall economic and industrial activities.

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