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Eight core sectors growth slows to 2.1% in July (Relevant for GS Prelims & Mains Paper III; Economics)

Source: The Hindu

Growth in core sector activity rose in July 2019 to 2.1% due to recovery in the cement sector.The Index of Eight Core Industries had grown at just 0.7% in June 2019. However, July’s growth rate is far lower than the 7.3% growth registered in the same month last year.

What is Index of Core industries?
Core industries are the backbone of the overall economy. Their output is used by various other industries. Thus, the core industries determine the state of overall industrial development of the economy.

The index of industrial production (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. It is compiled and published monthly by the Central Statistical Organisation (CSO). The current base year for IIP is 2011–12 with a value of 100.

Classification of Indian Economy
Eight core industries comprise nearly 38% of the weight of items included in the IIP

  1. Electricity generation (weight: 10.32%)
  2. Steel production (weight: 6.68%)
  3. Petroleum refinery production (weight: 5.94%)
  4. Crude oil production (weight: 5.22%)
  5. Coal production (weight: 4.38%)
  6. Cement production (weight: 2.41%)
  7. Natural gas production (weight: 1.71%)
  8. Fertilizer production (weight: 1.25%)

 



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