Context
The Ministry of Commerce and Industry will release an updated Index of Core Industries (ICI) on 20 July 2026, with a new base year of 2022-23 and recalibrated industries and weightages.
About the Index of Core Industries (ICI)
- Measures the combined and individual growth of eight core industries that have a bearing on the overall Index of Industrial Production (IIP).
Key Features of the Revision
Base Year Change
- Replaces the existing ICI series based on base year 2011-12.
Release Scope
- The 20 July 2026 release will include the provisional ICI for June 2026, along with the back series from April 2023 to May 2026.
Methodology
- Weights for the 2022-23 ICI series are derived from the weights of the 2022-23 IIP series, released by the Ministry of Statistics and Programme Implementation (MoSPI).
Strategic Significance
- Reflects periodic base-year revisions to keep industrial output measurement aligned with the current economic structure.
What is the Index of Industrial Production (IIP)?
- A composite indicator measuring short-term industrial growth across mining, manufacturing, and electricity sectors.
- Released monthly by the National Statistical Office (NSO), under MoSPI.
- Classified by use-based category: primary goods, capital goods, intermediate goods, infrastructure/construction goods, consumer durables, and consumer non-durables.
- Eight Core Industries (44.87% weight in current IIP): Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, Electricity.
With reference to the Index of Core Industries (ICI), consider the following statements:
I. It measures the combined and individual performance of eight core industries.
II. It is released by the National Statistical Office under the Ministry of Statistics and Programme Implementation.
III. Its weights are derived from the Index of Industrial Production (IIP) series.
Which of the statements given above is/are correct?
(a) I and II only
(b) I and III only
(c) II and III only
(d) I, II and III
Answer: (b) I and III only
Explanation:
• Statement I is Correct: ICI tracks eight core industries' combined and individual growth.
• Statement II is Incorrect: ICI is released by the Ministry of Commerce and Industry, not MoSPI/NSO (which release the IIP).
• Statement III is Correct: ICI weights are derived from the IIP series weights.