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Consider the following statements about Index of Industrial Production (IIP)
1. It is released monthly by Central Statistical Organisation (CSO)
2. It shows the volume of industrial activity.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Consider the following statements about Index of Industrial Production...
Answer & Explanation:(a)
1 only. IIP or the index of industrial production is the number denoting the condition of industrial production during a certain period ( month for eg. ). It does not show the volume of industrial activity but only its growth with respect to a reference period. As IIP shows the status of industrial activity, one can find out if the industrial activity has increased, decreased or remained same.
Most Upvoted Answer
Consider the following statements about Index of Industrial Production...
Answer:
The correct answer is option 'A', i.e., statement 1 only.
Explanation:
Index of Industrial Production (IIP):
The Index of Industrial Production (IIP) is an important economic indicator that measures the changes in the volume of production in the industrial sector of the economy. It provides information about the growth and performance of different industrial activities in the country.
Statement 1: It is released monthly by Central Statistical Organisation (CSO)
The first statement is correct. The Index of Industrial Production (IIP) is released on a monthly basis by the Central Statistical Organisation (CSO), which is a part of the Ministry of Statistics and Programme Implementation (MoSPI). The CSO is responsible for collecting and releasing various economic and social statistics in India.
Statement 2: It shows the volume of industrial activity.
The second statement is incorrect. The Index of Industrial Production (IIP) does not directly show the volume of industrial activity. It is a composite indicator that measures the growth or contraction of industrial production in different sectors of the economy. It takes into account the output of various industries such as manufacturing, mining, and electricity generation.
The IIP is calculated using a base year and a fixed set of weights assigned to different industries. The index is constructed using the Laspeyres formula, which compares the current level of production with the base year level of production. The IIP is expressed as a percentage change over time.
In conclusion, the correct statement is that the Index of Industrial Production (IIP) is released monthly by the Central Statistical Organisation (CSO). However, it does not directly show the volume of industrial activity.
The correct answer is option 'A', i.e., statement 1 only.
Explanation:
Index of Industrial Production (IIP):
The Index of Industrial Production (IIP) is an important economic indicator that measures the changes in the volume of production in the industrial sector of the economy. It provides information about the growth and performance of different industrial activities in the country.
Statement 1: It is released monthly by Central Statistical Organisation (CSO)
The first statement is correct. The Index of Industrial Production (IIP) is released on a monthly basis by the Central Statistical Organisation (CSO), which is a part of the Ministry of Statistics and Programme Implementation (MoSPI). The CSO is responsible for collecting and releasing various economic and social statistics in India.
Statement 2: It shows the volume of industrial activity.
The second statement is incorrect. The Index of Industrial Production (IIP) does not directly show the volume of industrial activity. It is a composite indicator that measures the growth or contraction of industrial production in different sectors of the economy. It takes into account the output of various industries such as manufacturing, mining, and electricity generation.
The IIP is calculated using a base year and a fixed set of weights assigned to different industries. The index is constructed using the Laspeyres formula, which compares the current level of production with the base year level of production. The IIP is expressed as a percentage change over time.
In conclusion, the correct statement is that the Index of Industrial Production (IIP) is released monthly by the Central Statistical Organisation (CSO). However, it does not directly show the volume of industrial activity.
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Consider the following statements about Index of Industrial Production (IIP)1. It is released monthly by Central Statistical Organisation (CSO)2. It shows the volume of industrial activity.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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