New Delhi, September 13, 2023 – July 2023 IIP: Quick Estimates Of Index Of Industrial Production And Use-Based Index For The Month Of July 2023 (Base 2011-12=100)
In the world of economics and industry, timely and accurate data can be the difference between success and failure. That’s why, on the 12th of every month, economists, policymakers, and business leaders eagerly await the release of the Quick Estimates of the Index of Industrial Production (IIP). These estimates, with a base year of 2011-12, provide invaluable insights into the health and performance of India’s industrial sector.
July 2023 IIP
IIP at a Glance
For the month of July 2023, the Quick Estimates of the Index of Industrial Production (IIP) stand at 142.0. This number reflects the overall industrial output for the month, encompassing various sectors. To gain a deeper understanding, let’s break down the IIP into its constituent sectors: Mining, Manufacturing, and Electricity.
- Mining Sector: The IIP for the Mining sector in July 2023 stands at 111.9, indicating a level of production in this critical sector.
- Manufacturing Sector: Manufacturing, often considered the backbone of industrial production, boasts an IIP of 141.2 for the same period.
- Electricity Sector: The Electricity sector, responsible for powering various industries, has an IIP of 204.0, showcasing its significant contribution to the overall industrial production.
These Quick Estimates are preliminary and are subject to revision in subsequent releases, adhering to the revision policy of the IIP. This means that as more comprehensive and accurate data becomes available, these numbers may be adjusted to provide a clearer picture of industrial performance.
Understanding how industrial production is utilized is crucial for policymakers and business strategists. For this purpose, the IIP is classified based on its use in various categories. Here’s a breakdown of the July 2023 figures according to use-based classification:
- Primary Goods: The IIP for Primary Goods stands at 141.7, indicating the production level of essential raw materials.
- Capital Goods: Capital Goods, vital for the expansion and development of industries, has an IIP of 101.6.
- Intermediate Goods: Intermediate Goods, used in the production of final products, records an IIP of 151.8.
- Infrastructure/Construction Goods: The IIP for Infrastructure and Construction Goods, critical for development projects, stands at 168.5.
- Consumer Durables: Consumer Durables, including items like electronics and appliances, have an IIP of 118.1.
- Consumer Non-Durables: Finally, Consumer Non-Durables, covering items like food and clothing, has an IIP of 152.2.
These classifications provide a comprehensive view of how industrial production is distributed among various sectors of the economy, shedding light on where demand and growth are most pronounced.
For those seeking even deeper insights, the Quick Estimates of the Index of Industrial Production offer detailed data at the sectoral and 2-digit level of the National Industrial Classification (NIC-2008) and by Use-Based classification. Additionally, to track changes in the industrial sector, month-wise indices for the last 12 months, categorized by industry groups and sectors, are available.
Revisions and Data Quality
Data quality is paramount in economic analysis. Alongside the Quick Estimates for July 2023, the indices for June 2023 have undergone their first revision, and those for April 2023 have reached their final revision. These revisions ensure that the data reflects the most accurate and up-to-date information available. It’s worth noting that these revisions are compiled at weighted response rates of 92 percent, 94 percent, and 95 percent for July, June, and April 2023, respectively.
For those eagerly anticipating the next release of industrial data, mark your calendars. The Index for August 2023 will be released on Thursday, 12th October 2023.
In conclusion, the Quick Estimates of the Index of Industrial Production are a critical tool for understanding the performance and trends within India’s industrial sector. As the industrial landscape evolves, these estimates provide valuable insights for businesses, policymakers, and economists alike, enabling them to make informed decisions and navigate the complexities of the industrial world.
Key Points July 2023 IIP:
- 📅 Date: September 13, 2023
- 📈 Quick Estimates of Index of Industrial Production (IIP) for July 2023:
- 🏭 IIP stands at 142.0 with a base of 2011-12.
- ⚒️ Sector-wise IIP:
- Mining: 111.9
- Manufacturing: 141.2
- Electricity: 204.0
- 📊 Use-Based Classification:
- Primary Goods: 141.7
- Capital Goods: 101.6
- Intermediate Goods: 151.8
- Infrastructure/Construction Goods: 168.5
- Consumer Durables: 118.1
- Consumer Non-Durables: 152.2
- 📈 Growth Rates over the corresponding period of the previous year:
- July 2023:
- IIP: 5.7%
- Mining: 10.7%
- Manufacturing: 4.6%
- Electricity: 8.0%
- April to July 2023:
- IIP: 4.8%
- Mining: 7.3%
- Manufacturing: 4.8%
- Electricity: 2.9%
- July 2023:
- 🔄 Quick Estimates for July 2023 will undergo revision in subsequent releases.
- 📆 Release of the Index for August 2023 will be on October 12, 2023.
Frequently Asked Questions(July 2023 IIP)
- What is the Quick Estimate of the Index of Industrial Production (IIP)?
- The Quick Estimate of IIP is a monthly release that provides preliminary data on the level of industrial production in India. It offers insights into the performance of various industrial sectors.
- How is the IIP classified based on use?
- The IIP is classified into categories such as Primary Goods, Capital Goods, Intermediate Goods, Infrastructure/Construction Goods, Consumer Durables, and Consumer Non-Durables, based on its use in various sectors.
- Why are there revisions in the industrial production data?
- Revisions are necessary to ensure the accuracy of industrial production data. They incorporate updated information and improve the quality of the data.
- When will the next Index of Industrial Production be released?
- The Index for August 2023 will be released on Thursday, 12th October 2023.
- Where can I find more information on industrial production data?