How is iip calculated?
Index of industrial production - Wikipedia, the free encyclopedia
** Index of industrial production **
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The *Index of Industrial Production* (IIP) is an index for India which
details out the growth of various sectors in an economy such as mining,
electricity and manufacturing. The all India IIP is a composite indicator
that measures the short-term changes in the volume of production of a
basket of industrial products during a given period with respect to that in
a chosen base period. It is compiled and published monthly by the Central
Statistical Organisation (CSO) six weeks after the reference month ends.
The level of the Index of Industrial Production (IIP) is an abstract
number, the magnitude of which represents the status of production in the
industrial sector for a given period of time as compared to a reference
period of time. The base year was at one time fixed at 1993-94 so that year
was assigned an index level of 100. The current base year is 2004-2005.
· 1 The beginning
· 2 Successive revisions
· 3 See also
· 4 References
The first official attempt to compute the IIP was made much earlier than
even the recommendations on the subject at the international level. The
Office of the Economic Advisor, Ministry of Commerce and Industry made the
first attempt of compilation and release of IIP with base year 1937,
covering 15 important industries, accounting for more than 90% of the total
production of the selected industries. The all-India IIP is being released
as a monthly series since 1950. With the inception of the Central
Statistical Organization in 1951, the responsibility for compilation and
publication of IIP was vested with this office.
As the structure of the
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