What is mean by IIP DATA?
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.