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Index of Industrial Production of November: Key Facts

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.

Month: Categories: Business, Economy & Banking Current Affairs

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India to Chair Kimberley Process Certification Scheme from January 2019

India will Chair Kimberley Process Certification Scheme (KPCS) from 1st January 2019. It was was handed Chairmanship by the European Union during KPCS Plenary 2018, which was held in Brussels, Belgium. India as KPCS Chair will be committed to

Commitments of India as KPCS Chair

  • Make KPCS stronger process in terms of inclusiveness, strengthened administration and implementation.
  • Make KPCS more efficient in terms of delivery of what it promises, more transparent and empathetic towards living standards of people who are dependent on production, trade and manufacture of diamonds.
  • Support Artisanal & Small-Scale Mining (ASM) with capacity building, technical assistance and education on valuation, differentiation between natural and lab-grown diamonds and importance of legal and formal mining practices.

Kimberley Process

It is joint initiative of governments, industry and civil societies to stem flow of ‘conflict diamonds’, rough diamonds used by rebel groups to finance wars against legitimate governments. It is also described in United Nations Security Council (UNSC) resolutions. India is one of the founding members of KPCS. At present, KPCS has 54 members representing 81 countries including EU with 28 members.

KPCS came into effect from 1 January, 2003 through United Nations General Assembly (UNGA) Resolution. It outlines the rules that govern trade in rough diamonds. It has evolved into effective mechanism for stopping trade in conflict diamonds. It sets minimum requirements that each participant must meet. In India, the scheme is administered through Department of Commerce under aegis of the Union Commerce and Industry Ministry.

India and KPCS

India is founding member of KPCS. It is actively involved in KPCS activities to ensure that almost 99% of diamond trade in world is conflict free. It is committed to maintaining KPCS as efficient and effective process in order to ensure conflict diamond free status. It is also at forefront in addressing issue of differentiation between Natural Diamonds and Lab Grown Diamonds and ensure responsible business in this area.

India earlier had chaired Ad hoc Committee on Review and Reform (AHCRR). It had held one joint session with Chairs of other Working Groups and 4 sessions with AHCRR committee members to discuss issue of funding of Permanent Secretariat (PS), Multi-Donor Trust Fund (MDTF), peer review mechanism and consolidation to the core document.

Conflict diamonds

Conflict diamonds or blood diamonds are the rough diamonds used by rebel movements in the third world countries especially in Africa to finance (civil) wars with an aim to topple legitimate governments. The KPCS completely bans import and export of rough diamonds without certification.

Month: Categories: India Current Affairs 2018

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