- According to the Government data,India’s eight core industries grew by 2.1% in February 2019.It is due to fall in output of crude oil and refinery products.
- The eight core sectors which include (a)coal, (b)crude oil (c)natural gas (d)refinery products (e)fertilizers (f)steel (g)cement and (h)electricity had recorded a growth of 5.4% in February 2018.
- The data on core sector growth will also have an impact on the Index of Industrial Production (IIP) as these segments account for about 40% of the total factory output.
- IIP denotes the level of economic activity in different sectors, including manufacturing, mining and power.It measures actual production output across the industrial sector.Within IIP,there are 8 core industries which comprise 40% of the weight of items included in IIP.
- IIP is calculated by the Central Statistical Office (CSO) under the Ministry of Statistics and Program Implementation.The base year for calculating IIP is 2011-12.
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