National Current Affairs

IIP rises to 9-month high of 4.3% in August 2017

According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) has grown nine-month high to 4.3% in August 2017. This was mainly due to a robust performance of the mining and power sectors.

Key Facts

The manufacturing sector output grew 3.1% in August 2017, mining sector output surged 9.4% and electricity generation increased 8.3%. Production of capital good rose 5.4% in August 2017. Consumer durables output increased 1.6% and consumer non-durables output rose 6.9% in August 2017.

Index of Industrial Production (IIP)

The IIP is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period. It is compiled and published monthly by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation.

The CSO had revised base year of IIP from 2004-05 to 2011-12 in May 2017 to capture structural changes in economy and improve quality and representativeness of indices. The revised IIP (2011-12) reflects changes in industrial sector and also aligns it with base year of other macroeconomic indicators like Wholesale Price Index (WPI) and Gross Domestic Product (GDP).

The IIP covers 407 item groups. Sector wise these items falls into 3 categories viz. Manufacturing (405 items), Mining (1 items) & Electricity (1 item). The weights of three sectors are 77.63%, 14.37%, 7.9% respectively. The revised eight core Industries have combined weightage of 40.27% in IIP.

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INS Satpura, Kadmatt participates in Passage Exercise in Japan

Indian Naval Ships Satpura and Kadmatt participated in Passage Exercise (PASSEX) with Japanese Marine Self Defence Force (JMSDF) held at Sasebo, Japan. These ships are participating in the exercise in pursuance of India’s Act East Policy and demonstration of India’s commitment to peace and stability in Indo-Pacific Region. The visiting Indian Naval ships engaged with JMSDF in formal calls and also professional, social and sporting interactions.

Comment

The visit of these ships is part India’s initiatives to strengthen long standing, mutually supportive and strong relationship between Japan and India which spans across wide spectrum of cultural, spiritual, economic and security relations.

Background

Naval ties between India and Japan have reached new heights with bilateral and multilateral exercises since first ‘Navy to Navy Staff Talks’ between two nations in November 2008. Since then, naval ties have enhanced to cooperation in information sharing, meteorology and oceanography, disaster management and military training.

The defence and security interaction also expanded to encompass Defence Policy Dialogue and a Maritime Affairs Dialogue. Regular bilateral and multilateral maritime exercises are foundation for strong naval relations between both countries. The erstwhile Japan–India Maritime Exercise (JIMEX) led to Japan participating in ‘MALABAR’ exercise (a tripartite naval exercise between India, US and Japan) since 2014.

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