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With reference to the Index of Industrial Production (IIP), consider the following statements:
1. It is currently calculated using 2018-2019 as the base year.
2. National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) releases the IIP data.
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 'B'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Index of Industrial Production (IIP), consider t...
Index of Industrial Production (IIP)
- The IIP number measures the industrial production for the period under review, usually a month, as against the reference period.
- There is a lag of six weeks in the publication of the IIP index data after the reference month ends.
- It is currently calculated using 2011-2012 as the base year.
- National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) releases the IIP data.
Hence only statement 2 is correct.
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With reference to the Index of Industrial Production (IIP), consider t...
Understanding the Index of Industrial Production (IIP)
The Index of Industrial Production (IIP) is a crucial indicator that reflects the performance of the industrial sector in an economy. Let's analyze the statements provided in the question.
Statement 1: Base Year for IIP Calculation
- The IIP is calculated using a base year, which is periodically updated to reflect more current economic conditions.
- Currently, the IIP is calculated using 2011-2012 as the base year, not 2018-2019. Therefore, this statement is incorrect.
Statement 2: Authority Responsible for IIP Release
- The National Statistical Office (NSO), which operates under the Ministry of Statistics and Programme Implementation (MoSPI), is indeed responsible for the release of IIP data.
- This statement is correct.
Conclusion
Based on the analysis:
- Statement 1 is incorrect.
- Statement 2 is correct.
Thus, the correct answer is option 'B': "2 only." The IIP is a vital tool for assessing industrial growth, and understanding its reporting structure is crucial for various stakeholders in the economy.
The Index of Industrial Production (IIP) is a crucial indicator that reflects the performance of the industrial sector in an economy. Let's analyze the statements provided in the question.
Statement 1: Base Year for IIP Calculation
- The IIP is calculated using a base year, which is periodically updated to reflect more current economic conditions.
- Currently, the IIP is calculated using 2011-2012 as the base year, not 2018-2019. Therefore, this statement is incorrect.
Statement 2: Authority Responsible for IIP Release
- The National Statistical Office (NSO), which operates under the Ministry of Statistics and Programme Implementation (MoSPI), is indeed responsible for the release of IIP data.
- This statement is correct.
Conclusion
Based on the analysis:
- Statement 1 is incorrect.
- Statement 2 is correct.
Thus, the correct answer is option 'B': "2 only." The IIP is a vital tool for assessing industrial growth, and understanding its reporting structure is crucial for various stakeholders in the economy.
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With reference to the Index of Industrial Production (IIP), consider the following statements:1. It is currently calculated using 2018-2019 as the base year.2. National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) releases the IIP data.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 'B'. Can you explain this answer?
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