Current Affairs, 01-07-2020, The output of eight core sector industries shrank 23% in May 2020
This data is released by commerce and industry ministry
Eight core sectors with decrease in percentage are
· Petroleum refinery production (carries the greatest weight in the core sector index), -21%
· steel, -48.4%
· Coal, -14%
· Crude oil, -7%
· Natural gas, -16.8%
· Cement, -22%
· Electricity generation, -15.6%
· Fertilizer, +7.5%
Core sector index
· The eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
· The eight Core Industries in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.
Index of Industrial Production
The Index of Industrial Production (IIP) is an index which details out the growth of various sectors in an economy such as mineral mining, electricity,manufacturing, etc.
It is compiled and published monthly by the Central Statistical Organisation (CSO), Ministry of Statistics and Programme Implementation 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.