Good news for the country’s economy, industrial production grew by 0.4% in December
India’s industrial production (IIP) grew by 0.4 per cent in December 2021. This information has been received from the official data released on Friday.
India’s industrial production (IIP) grew by 0.4 per cent in December 2021.
India’s industrial production (IIP) Has increased at the rate of 0.4 percent in December 2021. This information has been received from the official data released on Friday. According to the Index of Industrial Production (IIP) data released by the National Bureau of Statistics (NSO), manufacturing ,Manufacturing, The sector’s output declined by 0.1 per cent in December 2021. According to the data, mining (Mining) The output has increased by 2.6 percent. Whereas, energy (Power) An increase of 2.8 percent has been seen in production. In December 2020, a growth of 2.2 percent was seen in IIP.
During the April-December period in this quarter, IIP grew at a rate of 15.2 per cent. In comparison, a decline of 13.3 percent was seen in the same period last year. Industrial production has seen an impact since March 2020 due to the corona virus epidemic.
In March 2020, it had declined by 18.7 percent. In April 2020, it saw a decline of 57.3 percent, due to the lockdown imposed to prevent the spread of corona virus infection.
Apart from this, a growth of 2.8 percent has been seen in the production of primary goods in December 2021. At the same time, production of capital goods declined by 4.6 per cent in December. Whereas, the production of consumer durables has seen a decline of 2.7 percent during the month of December last year.
What is IIP?
Let us tell you that the Index of Industrial Production (IIP) has special importance in the economy of any country. This shows the speed at which industrial growth is taking place in the economy of that country. Data is collected from 15 agencies for estimating IIP. These include Department of Industrial Policy and Promotion, Indian Bureau of Mines, Central Statistical Organization and Central Electricity Authority.
According to the latest standards issued by the Ministry of Statistics, the main condition for a product to be included in it is that the total value of its production at the level of production of the commodity should be at least Rs 80 crore.
Apart from this, there is also a condition that the monthly data of production of the commodity should be available continuously. The commodities included in the index are divided into three groups – mining, manufacturing and electricity. These are then further divided into sub-categories like basic goods, capital goods, intermediate goods, consumer durables and consumer non-durables.
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