The Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT), Union Ministry of Commerce and Industry released the revised series of Index of Core Industries (ICI) with Base Year 2022-23.
Key Changes
The new series replaces the existing series of ICI with Base Year 2011- 12.
ICI is being compiled on a monthly basis.
Iron ore has been included in the list of core industries as a new item in the revised series of ICI (Base Year 2022-23). Accordingly, the number of core industries have increased from eight to nine in the new series.
Gross production data has been used for compilation of the Steel index in the new ICI series, replacing the use of net production data in ICI (2011-12) series, to make it consistent with Index of Industrial Production (IIP[1]).
Only Raw Coal has been retained in the new series of ICI, by excluding Coal Middling and Washed Coal in order to remove double counting, since Coal Middling and Washed Coal are made from Raw Coal.
Following the earlier practice, the weights of the ICI (2022–23) series have been derived from the weights of the corresponding items of IIP (2022–23) series, which have been pro-rata distributed to 100. The Linking Factor for the Overall Index of Core Industries is 1.47.
Source: PIB
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