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According to the Government data,India’s growth in eight core industries has reached a five-month high of 4.7% in March,2019.It has improved due to a broad-based recovery in sectors such as cement,refinery products, steel and coal.
Core industry can be defined as the main industry which has a multiplier effect on the economy.The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
The Index of Industrial Production (IIP) is an index which details out the growth of various sectors in an economy such as mining,electricity, manufacturing among others.
IIP is compiled and published monthly by the Central Statistical Organisation (CSO) six weeks after the reference month ends.The base year of the IIP has been revised from the year 2004-05 to 2011-12 from April, 2017.
The eight Core Industries in decreasing order of their weightage are(a) Refinery Products (b)Electricity (c)Steel (d)Coal (e)Crude Oil (f)Natural Gas (g)Cement and (h)Fertilizers.
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