BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1993-94
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1994-95
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2003-2004
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2004-2005
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Detailed explanation-1: -The base year was changed to 2011-12 from 2004-05 in the year 2017. The earlier base years were 1937, 1946, 1951, 1956, 1960, 1970, 1980-81, 1993-94 and 2004-05.
Detailed explanation-2: -The current base year of IIP is 2011-12.
Detailed explanation-3: -Base Year for IIP is 2011-2012. Significance of IIP: It is used by government agencies including the Ministry of Finance, the Reserve Bank of India, etc, for policy-making purposes.
Detailed explanation-4: -While the UPA government used 2004-05 as base year, the government has used 2011-12 as the new base year to downgrade the GDP growth from 2005-06 to 2011-12. As per the data released by the Central Statistics Office (CSO), the economy in 2010-11 grew by 8.5% and not 10.3% estimated earlier.
Detailed explanation-5: -For the month of November 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 137.1. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2022 stand at 122.7, 136.7 and 166.7 respectively.