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The data about the industrial production quantity and weights for the year 2015 are given below. Compute the index number of industrial production and interpret it.

Industry Unit year 2013 production year 2015 production weight
Mine Lakh tons 10 15 4
textile Core meter 20 25 6
Engineering lakh tons 30 25 30
Chemicals Hundred tons 40 50 3
Food Lakh tons 50 60 4

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Index number of industrial production

\(I= \frac{ΣIW}{ΣW}\)

\(=\frac{4705}{47}\)

\(= 100.10\)

Interpretation:

There is (100.10 – 100=) 0.10% increase in the industrial production of the year 2015 as compared to the year 2013.

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