Consider the following statements about Index of Industrial Production IIP and identify the correct ...........

Economic Affairs Industrial sectors

Consider the following statements about Index of Industrial Production (IIP) and identify the correct one/s.

1. IIP measures short-term changes in volume of production of a basket of industrial products taking base year as 2011-12.

2. It is compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation.

3. Of the three sectors- Mining, Manufacturing and Electricity, Mining has the highest weightage.

Select the correct answer using the code given below.

2 only

2 and 3 only

1 and 2 only

All of the above

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Explanation:

First and second statements are correct.
The Index of Industrial Production (IIP) is an index for India which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing.
The all India 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 with respect to that in a chosen base period. It is compiled and published monthly by the Central Statistical Office (CSO) six weeks after the reference month ends.
Third statement is incorrect.

Maximum weightage is of manufacturing items (755.27), followed by Mining (141.57) and Electricity (103.16)