April 12, 2012 5:51 PM

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Centre to set up Committee to tighten various sources of data collection for IIP

The Central Government will set up a Committee to tighten various sources of data collection for the Index of Industrial Production or IIP. Prime Minister's Economic Advisory Council Chairman C Rangarajan informed this in Bangalore today after meeting the Chief Minister Sadanand Gawda. He pointed out that data relating to IIP comes from several sources; they are then put together and released. Speaking about the industrial production growth rate in February and the revised one for January, he said these certainly indicate that industrial productivity has not yet picked up. Showing persistent sluggishness in the economy, industrial production growth slowed to 4.1 per cent in February this year, mainly due to poor performance of manufacturing sector and consumer goods segment. Besides, the IIP growth has been revised downwards to 1.14 per cent in January, fromthe provisional estimates of 6.8 per cent, according to the officialdata released today. Output of the manufacturing sector, whichconstitutes over 75 per cent of the index, rose by just four per cent in February, compared to 7.5 per cent in the same month last year.

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