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Consider the following statements with reference to the Index of Industrial Production (IIP):
1. It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.
2. It is computed and published by the Department for Promotion of Industry and Internal Trade (DPIIT).
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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Most Upvoted Answer
Consider the following statements with reference to the Index of Indus...
Explanation:
Index of Industrial Production (IIP)
- The Index of Industrial Production (IIP) is an index that measures changes in the volume of production in the industrial sector of an economy.
- It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.
Statements Analysis:
Statement 1: It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.
- This statement is correct as the IIP measures the relative change in physical production in industries over a specific period, typically comparing it to the previous year.
Statement 2: It is computed and published by the Department for Promotion of Industry and Internal Trade (DPIIT).
- This statement is incorrect. The IIP in India is actually computed and published by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation, not the Department for Promotion of Industry and Internal Trade (DPIIT).
Therefore, the correct answer is option A) 1 only.
Index of Industrial Production (IIP)
- The Index of Industrial Production (IIP) is an index that measures changes in the volume of production in the industrial sector of an economy.
- It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.
Statements Analysis:
Statement 1: It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.
- This statement is correct as the IIP measures the relative change in physical production in industries over a specific period, typically comparing it to the previous year.
Statement 2: It is computed and published by the Department for Promotion of Industry and Internal Trade (DPIIT).
- This statement is incorrect. The IIP in India is actually computed and published by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation, not the Department for Promotion of Industry and Internal Trade (DPIIT).
Therefore, the correct answer is option A) 1 only.
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Community Answer
Consider the following statements with reference to the Index of Indus...
The Ministry of Statistics and Programme Implementation recently released the Quick Estimates of the Index of Industrial Production (IIP) for January 2024, revealing a growth of 3.8 percent.
About Index of Industrial Production (IIP):
- It is one of the prime indicators of economic development for the measurement of trends in the behavior of industrial production over a period of time with reference to a chosen base year.
- IIP is a short-term indicator measuring industrial growth until the actual result of detailed industrial surveys become available.
- It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.
- It is computed and published by the Central Statistical Organisation (CSO), Ministry of Statistics and Programme Implementation, on a monthly basis.
- Calculation:
- The IIP is a quantum index, the production of items is expressed in physical terms. However, the unit of reporting in respect of certain items like machinery, machine tools, shipbuilding, etc. is in value terms.
- The IIP is compiled as a simple weighted arithmetic mean of production relatives by using Laspeyre’s formula.
- In order to remove the effect of price rises from the index, the production figures of such items are deflated on the basis of Wholesale Price Indices (Base 2011-12), compiled by the Office of Economic Adviser, Ministry of Commerce and Industry, before the compilation of the index.
- Base Year:
- The base year is always given a value of 100.
- The current base year for the IIP series in India is 2011-12.
- So, if the current IIP reads as 116, it means that there has been 16% growth compared to the base year.
Hence only statement 1 is correct.
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Consider the following statements with reference to the Index of Industrial Production (IIP):1. It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.2. It iscomputed and published by the Department for Promotion of Industry and Internal Trade (DPIIT).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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Consider the following statements with reference to the Index of Industrial Production (IIP):1. It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.2. It iscomputed and published by the Department for Promotion of Industry and Internal Trade (DPIIT).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? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the Index of Industrial Production (IIP):1. It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.2. It iscomputed and published by the Department for Promotion of Industry and Internal Trade (DPIIT).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? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the Index of Industrial Production (IIP):1. It indicates the relative change in physical production in the field of industries during a specified year as compared to the previous year.2. It iscomputed and published by the Department for Promotion of Industry and Internal Trade (DPIIT).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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