Paper: GS -III, Subject: Indian Economy, Topic: Industry and Industrial Policies, Issue: Index of Industrial Production (IIP)
Context:
The Index of Industrial Production (IIP) serves as a vital industrial barometer that measures output across key sectors like mining, manufacturing, and electricity.
| About the Index of Industrial Production (IIP) The Index of Industrial Production (IIP) is a key statistical tool used to measure the short-term changes in the volume of production in Indian industries. It provides insight into the growth or contraction of industrial activity over a given period, making it a crucial economic performance indicator. The IIP is published by the Central Statistics Office(CSO), which is part of the Ministry of Statistics and Programme Implementation (MoSPI). The current base year for the index is 2011–12. This base year was adopted to periodic revisions from earlier base years such as 1937, 1946, 1951, 1956, and so on. Sectoral Composition of IIP (Weight-wise): Manufacturing: 77.63% of total weight (809 items) Mining: 14.37% (29 items) Electricity: 7.99% (1 item). |
Economic Structural Change and IIP Revision
The IIP base year revision to 2022–23 enhances accuracy and relevance, offering improved insights for policy and industry while supporting transparent, data-driven economic growth.
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