How has the IIP evolved with time?
The IIP was first compiled and released using 1937 as the base year and included 15 industries.
Subsequently, it has been updated at least seven times, both with regards to the base year as well as the nature of items included, to keep the data relevant.
In the latest norms outlined by the ministry of statistics with 1993-94 as the base year, one of the fundamental criteria for selection of items is that it should account for at least Rs 80 crore of gross value of output at the item level and Rs 20 crore of gross value added at the ultimate digit level.
Another essential feature was that monthly production data for the items needed to be available on a sustained basis.
It also included attempts at representing the small scale and unorganised manufacturing sector.
While the items which are taken into consideration are classified into item groups under the three heads of mining, manufacturing and electricity, they have also been classified under use-based categories like basic goods, capital goods, intermediate goods, consumer durables and consumer non-durables.
The IIP was first compiled and released using 1937 as the base year and included 15 industries.
Subsequently, it has been updated at least seven times, both with regards to the base year as well as the nature of items included, to keep the data relevant.
In the latest norms outlined by the ministry of statistics with 1993-94 as the base year, one of the fundamental criteria for selection of items is that it should account for at least Rs 80 crore of gross value of output at the item level and Rs 20 crore of gross value added at the ultimate digit level.
Another essential feature was that monthly production data for the items needed to be available on a sustained basis.
It also included attempts at representing the small scale and unorganised manufacturing sector.
While the items which are taken into consideration are classified into item groups under the three heads of mining, manufacturing and electricity, they have also been classified under use-based categories like basic goods, capital goods, intermediate goods, consumer durables and consumer non-durables.
