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The Hindu Editorial Analysis- 14th November 2023 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download
Growth dichotomy
Why in News?
In September, the Index of Industrial Production or IIP rose 5.8%, almost half the 14-month-high 10.3% growth in August. Most economists anticipated a 7% to 8% uptick in the month that marks the onset of India’s packed festive calendar.
What is Index of Industrial Production (IIP)?
- The Index of Industrial Production (IIP) is a measure of the rate of growth in the economy’s various industry groups over a given time period.
- The Central Statistical Organization (CSO) computes and publishes the IIP index on a monthly basis. The Index of Industrial Production, or IIP, is a measure of manufacturing activity in various sectors of an economy.
- The IIP figure compares industrial output for the current time, which is generally a month, to the reference period.
- IIP is a key economic indicator for the manufacturing sector.
- After the end of the reference month, the IIP index data is published six weeks later. Currently, the IIP index is calculated using 2011-2012 as the base year.
Background of Index of Industrial Production(IIP)
- Long before the first international guideline on the issue, India undertook the first formal attempt to compute the Index of Industrial Production (IIP).
- In 1937, the Ministry of Commerce and Industry’s Office of the Economic Advisor attempted to compile and release IIP for the first time.
- It covered 15 major industries, accounting for more than 90% of total output in those industries. Since 1950, the all-India IIP has been published as a monthly series.
- The duty for the compilation and publishing of IIP was given to the Central Statistical Organization when it was established in 1951.
- In India, the IIP series is updated on a regular basis. The comparison period has been shifted to a more recent period, and the coverage of items and industries has been reviewed.
- Furthermore, it has been improved to reflect industrial growth and structure as accurately as possible.
- When the index was first introduced in India, the base year was 1937, which was later revised to 1946, 1951, 1956, 1960, 1970, 1980-81, 1993-94, 2004-05, and most recently 2011-12.
IIP Index Components
- The eight core industries make up about 40% of the weight of items of IIP. The core industries included in the Index of Industrial Production are electricity, refinery products, steel, crude oil, coal, natural gas, cement, and fertilizers.
- IIP constituents are divided into three broad categories: mining, manufacturing, and electricity.
Who Publishes Data From The Index Of Industrial Production?
- CSO compiles and publishes IIP data every month in the case of India’s Index of Industrial Production.
- The Ministry of Statistics and Programme Implementation (MoSPI) oversees the Central Statistical Organisation (CSO).
- The IIP index data will be available on the PIB website once it is released.
Who Makes Use Of Index Of Industrial Production Data?
- Various government agencies, including the Ministry of Finance, the Reserve Bank of India (RBI), private firms, and analysts, use the factory production data (IIP) for analytical purposes.The data is also used to calculate the manufacturing sector’s Gross Value Added (GVA) in the Gross Domestic Product (GDP) on a quarterly basis.
Change in IIP Base year
.
- In 2017, the base year was changed from 2004-05 to 2011-12. 1937, 1946, 1951, 1956, 1960, 1970, 1980-81, 1993-94, and 2004-05 were the previous base years.
Where does IIP data come from?
- The CSO derives the monthly IIP number from secondary data. The information is gathered from various agencies within various ministries or departments of the government.
- The Department of Industrial Policy and Promotion (DIPP) provides the majority of the data for the calculation.
The Relationship Between IIP And The Core Sector
- The core sector is made up of the eight key sectors that make up the Indian economy.
- Coal, crude oil, fertilizers, steel, natural gas, refinery products, cement, and electricity are among the eight sectors.
- The core sector, also known as Infrastructure output, refers to the basic industries that make up the economy’s foundation.
- The core sector’s components must be subdivided further into sectors that can be directed by government policy and sectors that are more driven by demand.
- Manufacturing accounts for more than 67 per cent of overall Gross Domestic Product growth, so a stronger and more sustained increase in the IIP number is beneficial to the economy.
- Positive GDP growth has typically been observed to be synchronised with positive IIP growth.
- The core sector can be used as a predictor of a turnaround. When the core sector number rises, economic activity usually rises with it.
- Cement, steel, and electricity are typically strong lead indicators for a recovery in economic growth.
- These industries have a strong multiplier effect on growth, which is usually a good thing when it comes to reviving growth.
Significance of IIP
- If IIP data indicates that industrial activity is sluggish, the country’s central bank may refrain from cutting interest rates.
- On the other hand, if IIP data is higher, interest rates may remain stable.
- IIP is important because it is used by government agencies such as the Ministry of Finance, the Reserve Bank of India, and others to make policy decisions.
- IIP is still very important for calculating GDP (Gross Domestic Product) estimates on a quarterly and advanced basis.
- For a variety of reasons, IIP is regarded as critical information. For example, stock market analysts closely monitor data released after market hours to determine whether economic momentum is gaining traction.
- When the Reserve Bank of India formulates its monetary policy, the IIP is also a key indicator.
- However, one must admit that the CPI inflation data has become crucial for the Reserve Bank of India.
What is the difference between the IIP and the Annual Survey of Industries (ASI)?
- The IIP is based on a set of items and factories that were chosen at the start of the period.
- The ASI, on the other hand, is a data-driven survey of factories registered under the Factories Act of 1948.
- The sampling frame and the sampled establishments both change dramatically here.
- As a result, the ASI captures new items and factory information, whereas the IIP does not.
- Growth rates in IIP are calculated using production volume, whereas growth rates in ASI are calculated using Value Added.
- Furthermore, IIP establishments are generally larger in size, whereas ASI establishments include both large and small units.
- As a result, IIP growth rates are lower because smaller units with a thinner base grow faster (ASI).
- The manufacturing sector’s growth rates differ between the two datasets (IIP and ASI).
Conclusion
In this article, we analyse the structure of the Index of Industrial Production(IIP). We also tried to understand the significance of the Index of Industrial Production for India. Besides, we also analysed the sections and features of the Index of Industrial Production.
Remission of diabetes, desirable, but not essential
Why in News?
The concept of a reversal of diabetes has become very popular recently. Several commercial organisations have jumped on the bandwagon of a ‘reversal of diabetes’ and are making tall claims. Therefore, it is important to consider the pros and cons of a reversal of diabetes.
Diabetes
- Diabetes is a Non-Communicable Disease (NCD) that occurs either when the pancreas does not produce enough insulin (a hormone that regulates blood sugar, or glucose), or when the body cannot effectively use the insulin, it produces.
- Type 2 diabetes is age-related; it often develops at the age of 45 and beyond.
- Type 1 diabetes is largely genetic in nature, while Type 2 depends on the lifestyle of the individual.
About Insulin
- Insulin is a peptide hormone produced by beta cells of the pancreatic islets;
- It is considered to be the main anabolic hormone of the body.
- t regulates the metabolism of carbohydrates, fats, and protein by promoting the absorption of glucose from the blood into the liver, fat, and skeletal muscle cells.
Symptoms of type 2 diabetes
The symptoms of ‘type 2 diabetes’ are similar to those of ‘type 1 diabetes’ and include:
- Excessive thirst and dry mouth
- Frequent urination
- Lack of energy, tiredness
- Slow healing wounds
- Recurrent infections in the skin
- Blurred vision
- Tingling or numbness in hands and feet
- Gestational diabetes: This type occurs in women during pregnancy when the body can become less sensitive to insulin. Gestational diabetes does not occur in all women and usually resolves after giving birth.
- Pre-diabetes: It occurs when your blood sugar is higher than normal, but it’s not high enough for a diagnosis of type 2 diabetes.
- Impacts of Diabetes: It affects the five major organs namely, the Kidney, Heart, Blood vessels, Nervous System, and Eyes (retina).
- Factors Responsible: Factors that lead to an increase in diabetes are an unhealthy diet, lack of physical activity, harmful use of alcohol, overweight/obesity, tobacco use, etc.
Government initiatives:
- India’s National non-communicable disease (NCD) Target is to prevent the rise in obesity and diabetes prevalence.
- National Programme for Prevention and Control of Cancers, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) in 2010, to provide support for diagnosis and cost-effective treatment at various levels of health care.
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