1 month ago
India Revises Core Industries Index
India has updated its Index of Core Industries (ICI) to include iron ore as the ninth core industry.
This change, based on recommendations from a committee, aims to better reflect the current industrial landscape.
The new index, with a base year of 2022-23, shows a 5% growth in June, driven significantly by a 43.9% increase in iron ore production.
The index now includes nine sectors: coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, electricity, and iron ore.
Each sector has a different weight in the index, with electricity having the highest weight.
This revision is part of a broader effort to update India's official statistics, including the Index of Industrial Production (IIP) and the newly introduced Index of Services Production (ISP).
India's Index of Core Industries (ICI) now includes nine sectors, adding iron ore to the previous eight.
The new ICI has a base year of 2022-23, replacing the 2011-12 base year.
Iron ore production surged by 43.9% in June, contributing to a 5% overall growth in the core sector.
The weights of the sectors in the ICI have been adjusted to reflect their current importance in the economy.
The revision is part of a broader update of India's official statistics, including the IIP and the new ISP.
- Who
- Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT)
- What
- Revised Index of Core Industries (ICI) with a new base year of 2022-23
- Where
- India
- When
- June 2026
- Why
- To better reflect the current structure and dynamics of the industrial sector
Supporters of the Revision
Critics of the Revision
Inclusion of Iron Ore
Supporters of the Revision
Supporters argue that iron ore's inclusion is crucial due to its significant role in industrial production and economic development.
Critics of the Revision
Critics may question the relatively low weightage of 4.9% given to iron ore, suggesting it might not adequately reflect its importance.
Key facts
- Base Year
- 2022-23
- Previous Base Year
- 2011-12
- Number of Core Industries
- 9
- Weight of ICI in IIP
- 32.88%
- Growth in June
- 5%
- Iron Ore Production Growth in June
- 43.9%
- Committee Chairman
- Praveen Mahto
Sources
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