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Index of Eight Core Industries
Why in News?
The combined Index of Eight Core Industries increased by 3.3 per cent (provisional) as compared to the Index of August 2021.
About Index of Eight Core Industries
- The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
Released by: The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade
Base year: 2011-12
Below image attached Eight Core Industries based on their weightage.
Index of Industrial Production (IIP)
- The Index of Industrial Production (IIP) is an index that shows the growth rates in different industry groups of the economy in a fixed period of time.
- It is compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MOSPI).
- The Central Statistics Office (CSO) revised the base year of the all-India Index of Industrial Production (IIP) from 2004-05 to 2011-12 on 12 May 2017.
- IIP is a composite indicator that measures the growth rate of industry groups classified under broad sectors, namely, Mining, Manufacturing, and Electricity.
- Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods.
Significance of IIP
- IIP is the only measure on the physical volume of production.
- It is used by government agencies including the Ministry of Finance, the Reserve Bank of India, etc., for policy-making purposes.
- IIP remains extremely relevant for the calculation of the quarterly and advance GDP estimates.
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FAQs on PIB Summary- 1st October, 2022 - PIB (Press Information Bureau) Summary - UPSC
| 1. What is the Index of Eight Core Industries? |  |
Ans. The Index of Eight Core Industries is a monthly index that measures the performance of eight key sectors of the Indian economy. These sectors include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.
| 2. How is the Index of Eight Core Industries calculated? | |
Ans. The Index of Eight Core Industries is calculated by taking into account the growth in the production of each of the eight core sectors. The weightage assigned to each sector differs based on its importance in the economy. The growth rates of individual sectors are then combined to arrive at the overall index.
| 3. What is the significance of the Index of Eight Core Industries? | |
Ans. The Index of Eight Core Industries is significant as it provides a snapshot of the performance and health of the Indian economy. These eight core sectors have a significant impact on other industries and are considered to be the backbone of the economy. By tracking the growth in these sectors, policymakers and economists can assess the overall economic health and make informed decisions.
| 4. How is the Index of Eight Core Industries used in policy-making? | |
Ans. The Index of Eight Core Industries is used in policy-making as it helps in identifying the sectors that are driving economic growth and those that are lagging behind. This information enables policymakers to formulate targeted policies and interventions to support the underperforming sectors and boost overall economic growth. It also helps in monitoring the effectiveness of policy measures over time.
| 5. What are the recent trends in the Index of Eight Core Industries? | |
Ans. The recent trends in the Index of Eight Core Industries indicate the performance of the eight core sectors. These trends can vary over time based on various factors such as global economic conditions, domestic demand, and government policies. By analyzing the recent trends, economists and policymakers can gain insights into the current state of the economy and make informed predictions about future growth prospects.
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