India’s core sectors slipped to a nine-month low

October 1, 2024

GS Paper III Economy

Output levels in India’s core sectors slipped to a nine-month low in August 2024, even as year-on-year growth slipped 1.8%, marking the first contraction in three and a half years.

About Index of Industrial Production

Industrial Production

IIP is an indicator that measures the changes in the volume of production of industrial products during a given period.
It is compiled and published monthly by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
It is a composite indicator that measures the growth rate of industry groups classified under:
- Broad sectors, namely, Mining, Manufacturing, and Electricity.
- Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods.
Base Year: 2011-2012.
- The government is aiming to adopt a new base year for the IIP by 2026-27.
- The proposed new base year is 2020-21.

Check Out UPSC Modules From PW Store

About Eight Core Sectors

The main or the key industries constitute the core sectors of an economy. In India, there are eight sectors that are considered the core sectors.
The eight core sector industries in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilisers.
They comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Must Read
UPSC Daily Editorials	UPSC Daily Current Affairs
Check Out UPSC NCERT Textbooks From PW Store	Check Out UPSC Modules From PW Store
Check Out Previous Years Papers From PW Store	UPSC Test Series 2024
Daily Current Affairs Quiz	Daily Main Answer Writing
Check Out UPSC CSE Books From PW Store