Context
The Union Government has released a revised series of the Index of Core Industries (ICI) by changing the base year to 2022–23, expanding sectoral coverage and updating weights.
Explanation
- The Index of Core Industries (ICI) measures the performance of core infrastructure sectors, which together have significant weight in the Index of Industrial Production (IIP).
- The base year has been revised from 2011–12 to 2022–23 to reflect the current industrial structure.
- The number of sectors has increased from eight to nine with the inclusion of the iron ore sector.
- The revised ICI now measures output on a gross output basis and updates sectoral weights in line with the revised IIP methodology.
- The coal sector now excludes washed coal and counts only raw coal to avoid double counting.
- The ICI is compiled monthly by the Office of the Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry.
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