With reference to the Index of Industrial Production IIP consider the statements given below 1 It is...........

Economic Affairs Industrial Policy and Industrial Growth

With reference to the Index of Industrial Production (IIP), consider the statements given below:

1. It is released by the National Sample Survey Office (NSSO).

2. The base year is revised from 2011-12 to 2017-18.

3. It shows the changes in the production volume of all industrial commodities on a yearly basis.

Which of the statements given above is/are correct?

1 only

2 and 3 only

1 and 3 only

None of the above

Explanation:

Central Statistical Organization (CSO) releases the Index of Industrial Production (IIP) as per the Special Data Dissemination Standard (SDDS) norms of IMF. So, statement (1) is not correct.
The base year of all-India IIP was revised from 2004-05 to 2011-12 and the new series was launched in 2017. So, statement (2) is not correct. Index of Industrial production is published by the Ministry of Statistics and Programme Implementation every month.
The Index shows the changes in the production volume of different industrial commodities. The sub-components of IIP are- Mining (14.4%), Manufacturing (77.6%), and Electricity (8%). According to its use, the IIP is also classified, namely, Primary Goods, Capital Goods, and Intermediate Goods.
It is an essential measure of growth as it records the level of industrial activity in the economy. So, statement (3) is not correct. Therefore, the correct answer is d.