Office of Economic Adviser to Release Revised Index of Core Industries Series with Base Year 2022–23

Key Highlights:

• The Office of Economic Adviser (OEA), DPIIT, will release the revised Index of Core Industries (ICI) series with Base Year 2022–23 on July 20, 2026.
• This new series will replace the existing ICI series which had Base Year 2011–12.
• The number of core industries has increased from eight to nine with the inclusion of Iron Ore.
• The revised series will include provisional ICI for June 2026 and a back series from April 2023 to May 2026.

Detailed Insights:

• The weights for the ICI (2022–23) series are derived from the Index of Industrial Production (IIP) 2022–23 series released by MoSPI.
• The weights of the ICI basket items are redistributed pro-rata to total 100 for finalisation.
• Iron Ore was included due to its extensive use in industrial production and significant contribution to industrial development.
• For compiling the Steel Index, the revised ICI series now uses gross production data, ensuring consistency with the IIP.
• In the Coal sector, only Raw Coal has been retained, with Coal Middlings and Washed Coal excluded to prevent double counting.

Key Concepts Involved:

• Index of Core Industries (ICI): A monthly production index measuring the performance of key infrastructure sectors in the Indian economy.
• Base Year: A reference year for an index, used to compare changes in economic variables over time.
• Index of Industrial Production (IIP): An index that measures the growth rates in different industry groups of the Indian economy.