Q. Consider the following statements regarding “Index of Industrial Production (IIP)”:
1. IIP is a composite indicator that measures changes in the volume of production of a basket of industrial products.
2. The Base year of IIP is 2011 – 12.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

The Index of Industrial Production (IIP) is a composite indicator that measures changes in the volume of production of a basket of industrial products.  

  • The index is compiled and published monthly by the Central Statistical Organisation (CSO), Ministry of Statistics and Programme. It is implemented six weeks after the reference month ends, i.e a lag of six weeks.  
  • The Base Year of the Index of Eight Core Industries has been revised from the year 2004-05 to 2011-12 from April, 2017. 

Source: The Hindu