PRESS INFORMATION BUREAU

1-December -2023

1. INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR OCTOBER, 2023

Topic: GS3 – Indian economy

Context:

• The Combined Index of Eight Core Industries (ICI) increased by 12.1% in October 2023 compared to October 2022.

More on this news:

• All eight core industries, including Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products, and Steel, recorded positive growth in October 2023 over the same month in the previous year.
• The Eight Core Industries represent 40.27% of the weight of items included in the Index of Industrial Production (IIP).
• The final growth rate of the Index of Eight Core Industries for July 2023 was revised to 8.5%.

INDEX OF EIGHT CORE INDUSTRIES:

What is it?

The ICI is a monthly economic indicator that measures the combined and individual production performance of eight key industries:

• Cement
• Coal
• Crude Oil
• Electricity
• Fertilizers
• Natural Gas
• Refinery Products
• Steel

These industries are considered core because they:

• Serve as crucial inputs for various other industries.
• Contribute significantly to the overall economic growth and development.
• Have a large weightage in the Index of Industrial Production (IIP).

Additional details:

• The ICI is a volume index, not a value index.
• Base year for the ICI is 2011-12.
• The ICI is published monthly by the Office of Economic Adviser, Ministry of Commerce and Industry, Government of India.
• It is considered a good leading indicator of overall industrial activity in India.

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1981162

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