What is mean by IIP DATA?

Answer 1

IIP means Index of Industrial Production.

1. IIP in simplest terms is index which details out the growth of various sectors in an economy. E.g. Indian IIP will focus on sectors like mining, electricity, Manufacturing & General. Also base year needs to be decided on the basis of which all the index figures would be arrived at. In case of India the base year has been fixed at 1993-94 hence the same would be equivalent to 100 Points

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 first official attempt to compute and release the Index of Industrial Production was made by Office of Economic Advisor, Ministry of Commerce and Industry with the base year 1937 covering 15 important industries, which then accounted for more than 90 per cent of the total production of the selected industries. As per the United Nations Statistical Organisation's recommendation, the general scope of IIP includes mining, manufacturing, construction, electricity and gas sectors. However, the present general index of industrial production compiled in India has mining, manufacturing, and electricity sectors only, due to constraints in data availability on construction and gas sector.