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Core sector output rises 5.4% in uneven recovery
Context
The output growth of India’s eight core sectors rebounded to 5.4% in November against a 3.2 percent growth in the same month last year.
More about the news:
- Sectors having Positive Growth: Coal, fertilizer, steel, cement, and electricity segment
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Strategic Sectors:
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- Sectors having Negative Growth: Crude oil, natural gas, and refinery products
What are Core Sectors?
- Eight Core Sectors: Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizer, Steel, Cement, and Electricity.
- These comprise 27% of the weight of items included in the Index of Industrial Production (IIP).
- The eight core sector industries in decreasing order of their weightage:
- Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.
Index of Industrial Production:
- IIP is an indicator that measures the changes in the volume of production of industrial products during a given period.
- It is compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics, and Programme Implementation.
- The base year for IIP is 2011-2012.
- It is a composite indicator that measures the growth rate of industry groups classified under:
- Broad sectors: Mining, Manufacturing, and Electricity.
- Use-based sectors: Basic Goods, Capital Goods, and Intermediate Goods.
Significance of IIP:
- It is used by government agencies including the Ministry of Finance, the Reserve Bank of India, etc, for policy-making purposes.
- IIP remains extremely relevant for the calculation of the quarterly and advanced GDP (Gross Domestic Product) estimates.
Government Initiatives for Growth of the Industrial Sector in India
- Production-Linked Incentive (PLI) - To scale up domestic manufacturing capability.
- PM Gati Shakti- National Master Plan - Multimodal connectivity infrastructure project.
- Bharatmala Project - To Improve connectivity in North East India
- Start-up India - To catalyze Startup culture in India
- Make in India 2.0 - To transform India into a global design and manufacturing hub.
- Atmanirbhar Bharat Campaign - To cut down import dependence
- Disinvestment Plans - To support India’s economic recovery
- Special Economic Zones- To create additional economic activity and boost the export of goods and services.
- MSME Innovative Scheme- To promote the complete value chain from developing ideas into innovation through incubation and design interventions
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