Core sector output tanks for the first time in 42 months

News: India’s core sector output has slipped to 9 months low in August. The year-on-year growth has slipped by 1.8%, marking it the first contraction in three and a half years. 

1. Index of Industrial Production details the growth of various sectors in an economy such as mining, electricity, and manufacturing over a period with reference to a specific base year.

2. The Eight core industries- Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity, comprise 40.27% of the weight of items included in IIP. Petroleum Refinery Products account for the highest weight among the eight core industries.

3. IIP is released by Central Statistical Organisation (CSO), with a base year of 2011-12.

4. The performance of Eight core industries is also tracked separately by the Index of Eight Core Industries (ICI).

5. ICI is a monthly production index released by the Office of Economic Advisor (OEA), under the Department of Industrial Policy and Promotion (DIPP). The base year for ICI is 2011-12.