Index Of Industrial Production

Explanation :

• Index of Industrial Production (IIP) is an index which helps us understand the growth of three sectors in the Indian economy such as mining, electricity and manufacturing and does not cover gas, water supply and construction.
• The Central Statistical Organisation (CSO) is responsible for the compilation and publication of the IIP since 1950.
• It is compiled as a simple weighted arithmetic mean of production relatives by using Laspeyre’s formula.
• The base year of the index is given a value of 100. The current base year for the IIP series in India is 2011-12.