Discussion
What is the full form of "IIP"?
Answer: B
Correct answer: Index of Industrial Production
The Index of Industrial Production measures the volume of output of the industrial sector against a base year, covering mining, manufacturing and electricity.
It is published monthly by the National Statistical Office and is one of the most closely watched short-term indicators, since industrial output responds quickly to demand and to policy. Note that it is an index and therefore a relative measure: it reports growth against the base, not the absolute value of production, which is what the national accounts supply.
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