Index of Industrial Production Current Affairs - 2019
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The Index of Industrial Production for the month of November has been released by the Central Statistical Office, under the Ministry of Statistics and Programme Implementation.
The Index of Industrial Production (IIP) provides details about the growth of various sectors in an economy such as mineral mining, electricity and manufacturing. 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.
Key Facts about the IIP, November 2018
The IIP report of CSO makes the following observations:
- Industrial growth unexpectedly plummeted to a 17-month low in November as a result of the post-festival season decline in manufacturing, fewer working days in the month and tighter financial conditions.
- The Index of Industrial Production (IIP) stood at 0.47 per cent in November and the high base of last year has also contributed to the slowdown. IIP had witnessed a growth of 8.5 per cent in November 2017.
- Manufacturing which constitutes 77.63 per cent of IIP, shrank 0.4 per cent, the Manufacturing had witnessed a robust growth of 10.4 per cent in November 2017.
- The production of both capital goods and consumer goods saw a decline.
- Mining expanded by 2.7 per cent in November 2018 compared with 1.4 per cent in November 2017.
- The electricity generation rose 5.1 per cent.
- The Production of intermediate items was down 4.5 per cent.
The Industrial growth in India is still not on a sound footing due to the high variability in industrial growth across sectors and within sectors on a month-on-month basis. It is expected that incrementally improving liquidity, normalisation after festive season related disruptions and spending tied to elections would act as a catalyst for the growth.
The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation has released the first advance estimates of National Income for 2018-19.
Highlights of the Estimate
The Estimate makes the following observations:
- The Indian economy is expected to grow at 7.2 per cent in the financial year 2018-19 which is higher than the 6.7 per cent GDP growth in the previous financial year 2017-2018.
- The Real GVA (Gross Value Added) is expected to grow at 7 per cent in the current fiscal as against 6.5 per cent in 2017-18.
- The CSO estimates that the expansion in activities in agriculture, forestry and fishing is likely to increase to 3.8 per cent in the current fiscal from 3.4 per cent in the preceding year.
- The manufacturing sector is expected to grow at 8.3 per cent in 2018-19, up from 5.7 per cent in 2017-18.
- India’s per capita income in real terms (at 2011-12 prices) during 2018-19 is likely to attain a level of Rs 91,921 as compared to Rs 86,668 for the year 2017-18. The per capita income would grow at a rate of 6.1 per cent.
Central Statistics Office (CSO)
The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation coordinates the statistical activities in the country and evolves statistical standards.
The functions of the CSO include National Income Accounting, conducting of Annual Survey of Industries, Economic Censuses and its follow up surveys, compilation of Index of Industrial Production, as well as Consumer Price Indices for Urban Non-Manual Employees, Human Development Statistics, Gender Statistics, imparting training in Official Statistics, dissemination of statistical information, work relating to trade, energy, construction, and environment statistics, revision of National Industrial Classification, etc