Index of 8 Core Industries up by 8.0% (provisional) in July 2023
Economy
3 min read
The combined Index of Eight Core Industries (ICI) increased by 8.0 per cent (provisional) in July 2023 as compared to the Index of July 2022.
The production of Coal, Steel, Natural Gas, Cement, Electricity, Refinery Products, Fertilizers and Crude Oil increased in July 2023 over the corresponding month of last year.
ICI measures combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
Index of Industrial Production:
IIP measures changes in the volume of production of industrial products during a certain period.
It is Published monthly by the Central Statistical Organization (CSO), Ministry of Statistics and Program Implementation.
It is a composite indicator that measures the growth rate of industry groups classified under:
- Broad sectors, namely mining, manufacturing and power.
- Use-based sectors, namely basic goods, capital goods and intermediate goods.
- The base year for IIP is 2011-2012.
Index of Eight Core Industries (ICI) refers to a production volume index that measures the collective and individual production performances of eight selected core industries. These industries are Natural Gas, Coal, Refinery Products, Crude Oil, Cement, Electricity, Steel, and Fertilizers. The compilation and releasing of the index are done by the Office of the Economic Adviser (OEA), Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry.
The eight core sector industries in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.
