Industrial growth hits 23 month high of 7.3% in June, IIP data shows

Why in News?

The Index of Industrial Production (IIP) recorded 7.3% growth in June, a 23 month high, driven by manufacturing, electricity and capital goods, per Ministry of Statistics and Programme Implementation (MoSPI) data.

Key Highlights

1. Headline growth: Industrial growth reached 7.3% in June, its highest in 23 months.
2. Sectoral drivers: Manufacturing grew 7.8%, electricity 10.6%, and capital goods 14.2%.
3. Breadth: 19 of 23 manufacturing groups posted growth.
4. Risk flags: Analysts cite a weak monsoon and the West Asia war as risks to sustaining this growth pace.

What is the Index of Industrial Production (IIP)?

1. The IIP is a monthly indicator measuring the volume of industrial production in the economy.
2. It is compiled and released by the National Statistics Office (NSO) under MoSPI.
3. It reflects the performance of the mining, manufacturing and electricity sectors.
4. Base Year: 2022-23.

Components of IIP

1. Manufacturing: Largest contributor with about 77% weight.
2. Mining: Around 14% weight.
3. Electricity: Around 8% weight.
4. Use-Based Classification: Primary Goods, Capital Goods, Intermediate Goods, Infrastructure/Construction Goods, Consumer Durables, and Consumer Non-Durables

[2012] In India the overall Index of Industrial Production, the Indices of Eighth Core Industries have combined weight of 37.90%. Which of the following are among those Eight Core Industries?
1. Cement
2. Fertilizers
3. Natural Gas
4. Refinery products
5. Textiles
Select the correct answer using the codes given below:

[A] 1 and 5 only

[B] 2, 3 and 4 only

[C] 1, 2, 3 and 4 only

[D] 1, 2, 3, 4 and 5