The Index of Industrial Production is important for understanding the industrial activity in the economy on a monthly basis. This index is used by various private companies, policy analysts, and financial intermediaries for various analytical purposes. You can read about the Index of Industrial Production [UPSC Economy Notes] in the given link.
IIP is used by the Reserve Bank of India (RBI), various departments of the Ministry of Finance while formulating policies.
Further readings:
- Merger of NSSO and Central Statistical Office (CSO) to form National Statistical Office (NSO)
- Core Sectors of the Indian Economy
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