India’s Index of industrial production(IIP) has slowed down to 3.1% in May,2019.The IIP was 4.3% in April,2019.
This decline has happened due to slowdown in manufacturing and mining sector.
However,IIP growth remained stable due to improvement in the growth of electricity generation and fast moving consumer goods sector.
IIP measures industrial output growth.The IIP is an index which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing.
IIP is compiled and published monthly by the Central Statistical Organisation (CSO) six weeks after the reference month ends.The base year of the IIP has been revised from the year 2004-05 to 2011-12 from April,2017.
The eight core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).The eight Core Industries in decreasing order of their weightage are(a) Refinery Products (b)Electricity (c)Steel (d)Coal (e)Crude Oil (f)Natural Gas (g)Cement and (h)Fertilizers.