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Consider the following statements:
1. The Index of Industrial Production (IIP) measures the growth in core sector industries.
2. The IIP is compiled by the National Statistical Office.
3. Renewable energy sector is one of the industries in the core sector.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)1 and 2 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Consider the following statements:1. The Index of Industrial Productio...
- In the calculation of the Index of Industrial Production (IIP), the data of the following 8 sectors is measured. Eight core sectors comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). Hence, statement 1 is correct.
- It is compiled and published monthly by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation. Hence, statement 2 is correct.
- The eight-core sector industries that are measured under IIP, in decreasing order of their weightage:
- Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.
- Hence, statement 3 is not correct.
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Most Upvoted Answer
Consider the following statements:1. The Index of Industrial Productio...
- In the calculation of the Index of Industrial Production (IIP), the data of the following 8 sectors is measured. Eight core sectors comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). Hence, statement 1 is correct.
- It is compiled and published monthly by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation. Hence, statement 2 is correct.
- The eight-core sector industries that are measured under IIP, in decreasing order of their weightage:
- Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.
- Hence, statement 3 is not correct.
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Consider the following statements:1. The Index of Industrial Productio...
Explanation:
First, let's break down each statement and analyze them:
Statement 1: The Index of Industrial Production (IIP) measures the growth in core sector industries.
- This statement is correct. The IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products.
Statement 2: The IIP is compiled by the National Statistical Office.
- This statement is also correct. The IIP is compiled and released monthly by the National Statistical Office (NSO) in India.
Statement 3: Renewable energy sector is one of the industries in the core sector.
- This statement is incorrect. The core sector industries typically include sectors such as coal, crude oil, natural gas, electricity, and steel. While renewable energy is an important sector for sustainable development, it is not traditionally considered a part of the core sector industries.
Therefore, the correct answer is Option C: 1 and 2 only, as statements 1 and 2 are both correct based on the definitions and roles of the IIP and the National Statistical Office.
First, let's break down each statement and analyze them:
Statement 1: The Index of Industrial Production (IIP) measures the growth in core sector industries.
- This statement is correct. The IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products.
Statement 2: The IIP is compiled by the National Statistical Office.
- This statement is also correct. The IIP is compiled and released monthly by the National Statistical Office (NSO) in India.
Statement 3: Renewable energy sector is one of the industries in the core sector.
- This statement is incorrect. The core sector industries typically include sectors such as coal, crude oil, natural gas, electricity, and steel. While renewable energy is an important sector for sustainable development, it is not traditionally considered a part of the core sector industries.
Therefore, the correct answer is Option C: 1 and 2 only, as statements 1 and 2 are both correct based on the definitions and roles of the IIP and the National Statistical Office.
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Consider the following statements:1. The Index of Industrial Production (IIP) measures the growth in core sector industries.2. The IIP is compiled by the National Statistical Office.3. Renewable energy sector is one of the industries in the core sector.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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