The new series will replace the existing series of ICI with Base Year 2011- 12.
- This step aims to ensure coherence across major macroeconomic indicators such as GDP, WPI, and IIP having 2022-23 as the common base year.
Key features of the New ICI series (Base Year 2022-23):
- Addition of a New Sector: Iron Ore has been added to the index basket as the 9th core industry.
- In the 2011-12 series, eight core industries (Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizer, Steel, Cement, and Electricity) constituted the index basket.
- Combined Weight: Of these nine core industries is 32.88% of IIP (down from 40.27% in the 2011- 12 series).
- Compilation of the Steel Index: Gross production data (instead of net production data) has been used to make it consistent with Index of Industrial Production (IIP).
- 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.
About Index of Core Industries (ICI)
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