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India’s Core Sector Industries 🇮🇳❗️ Index of Industrial Production (IIP) 🏭
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Know About India’s Core Sector Industries 🇮🇳❗️ Index of Industrial Production (IIP) 🏭 | by @Eduflation
The Index of Industrial Production (IIP) is an important economic indicator that measures the growth rate of various sectors of the Indian economy, such as manufacturing, mining, and electricity generation. The IIP is calculated by the Central Statistics Office on a monthly basis, and is used by policymakers, analysts, and investors to assess the health of the economy and make decisions accordingly.
The IIP is based on a weighted average of the physical output of industrial goods produced in various industries. The weights are assigned based on the relative contribution of each industry to the overall industrial production. For example, the weight of the manufacturing sector is higher than that of the mining or electricity sectors, since manufacturing contributes the most to the overall industrial production.
The IIP is released as a monthly index number, which represents the percentage change in the physical output of industrial goods over a period of time.The base year for the IIP is currently 2011-12, and the index uses a fixed base year method to calculate the growth rate.This means that the weights assigned to each industry remain constant throughout the base year, and only the physical output of goods is considered when calculating the growth rate.
The IIP is a useful tool for assessing the performance of different sectors of the Indian economy. It helps policymakers to identify areas of growth and development, and to formulate policies that promote industrial growth. The IIP is also useful for investors, as it provides an indication of the performance of various industries and helps them to make informed investment decisions.
In addition to the IIP, the CSO also calculates the Index of Eight Core Industries (ICI), which includes coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. The ICI is released on a monthly basis and serves as an early indicator of the performance of the industrial sector, since these industries are considered the backbone of the Indian economy.
The eight core sector industries are significant contributors to the Indian economy. Here are some of their contributions:
Coal: The coal industry is one of the primary sectors in India and plays a crucial role in meeting the country's energy demands. Coal-based thermal power plants generate over 70% of India's electricity.
Crude oil: The crude oil industry is a crucial sector that contributes significantly to the country's energy requirements. India imports around 80% of its crude oil needs, making the sector a significant contributor to the country's trade deficit.
Natural gas: The natural gas industry is still in its early stages in India, but it is rapidly growing. It is expected to play a significant role in meeting the country's energy needs in the future.
Petroleum refinery: The petroleum refining industry is essential in converting crude oil into various refined products. India has the capacity to refine around 250 million metric tonnes of crude oil, making it a significant contributor to the country's exports.
Electricity: The electricity industry is a crucial sector that provides power to households and industries. It plays a critical role in the country's infrastructure development, and its growth is essential for the overall economic growth of the country.
Steel: The steel industry is a significant sector that contributes to the country's manufacturing capabilities. It is used in various applications, including construction, automobiles, machinery, and appliances. India is the world's second-largest producer of steel, and the industry employs over 2 million people.
Cement: The cement industry is a vital sector in the construction industry and plays a critical role in infrastructure development. India is the second-largest producer of cement in the world and accounts for around 7% of the country's GDP.
Fertilizers: The fertilizer industry is essential in the agricultural sector, providing necessary nutrients to crops to improve yields and quality. The sector plays a crucial role in food security and contributes to the country's overall economic growth. India is one of the largest producers and consumers of fertilizers in the world.
#UPSC #Economy #IndianEconomy #CoreIndustries #IIP
The Index of Industrial Production (IIP) is an important economic indicator that measures the growth rate of various sectors of the Indian economy, such as manufacturing, mining, and electricity generation. The IIP is calculated by the Central Statistics Office on a monthly basis, and is used by policymakers, analysts, and investors to assess the health of the economy and make decisions accordingly.
The IIP is based on a weighted average of the physical output of industrial goods produced in various industries. The weights are assigned based on the relative contribution of each industry to the overall industrial production. For example, the weight of the manufacturing sector is higher than that of the mining or electricity sectors, since manufacturing contributes the most to the overall industrial production.
The IIP is released as a monthly index number, which represents the percentage change in the physical output of industrial goods over a period of time.The base year for the IIP is currently 2011-12, and the index uses a fixed base year method to calculate the growth rate.This means that the weights assigned to each industry remain constant throughout the base year, and only the physical output of goods is considered when calculating the growth rate.
The IIP is a useful tool for assessing the performance of different sectors of the Indian economy. It helps policymakers to identify areas of growth and development, and to formulate policies that promote industrial growth. The IIP is also useful for investors, as it provides an indication of the performance of various industries and helps them to make informed investment decisions.
In addition to the IIP, the CSO also calculates the Index of Eight Core Industries (ICI), which includes coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. The ICI is released on a monthly basis and serves as an early indicator of the performance of the industrial sector, since these industries are considered the backbone of the Indian economy.
The eight core sector industries are significant contributors to the Indian economy. Here are some of their contributions:
Coal: The coal industry is one of the primary sectors in India and plays a crucial role in meeting the country's energy demands. Coal-based thermal power plants generate over 70% of India's electricity.
Crude oil: The crude oil industry is a crucial sector that contributes significantly to the country's energy requirements. India imports around 80% of its crude oil needs, making the sector a significant contributor to the country's trade deficit.
Natural gas: The natural gas industry is still in its early stages in India, but it is rapidly growing. It is expected to play a significant role in meeting the country's energy needs in the future.
Petroleum refinery: The petroleum refining industry is essential in converting crude oil into various refined products. India has the capacity to refine around 250 million metric tonnes of crude oil, making it a significant contributor to the country's exports.
Electricity: The electricity industry is a crucial sector that provides power to households and industries. It plays a critical role in the country's infrastructure development, and its growth is essential for the overall economic growth of the country.
Steel: The steel industry is a significant sector that contributes to the country's manufacturing capabilities. It is used in various applications, including construction, automobiles, machinery, and appliances. India is the world's second-largest producer of steel, and the industry employs over 2 million people.
Cement: The cement industry is a vital sector in the construction industry and plays a critical role in infrastructure development. India is the second-largest producer of cement in the world and accounts for around 7% of the country's GDP.
Fertilizers: The fertilizer industry is essential in the agricultural sector, providing necessary nutrients to crops to improve yields and quality. The sector plays a crucial role in food security and contributes to the country's overall economic growth. India is one of the largest producers and consumers of fertilizers in the world.
#UPSC #Economy #IndianEconomy #CoreIndustries #IIP
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