The Index of Core Industries (ICI) is a monthly production volume index that measures the performance of key infrastructure-supportive core sectors in India. It acts as a high-frequency lead indicator for broader industrial activity.

Definition and Explanation

  • Nature: Monthly index measuring output growth in core infrastructure industries.

  • Publishing Authority: Office of Economic Adviser (OEA), DPIIT, Ministry of Commerce and Industry.

  • Role: Serves as a primary input and lead indicator for the Index of Industrial Production (IIP).

Historical Background

  • First compiled with the 1980–81 base year.

  • Subsequent base year revisions occurred in 1993–94, 2004–05 (inclusion of Fertilisers and Natural Gas), and 2011–12.

  • Revised in 2026 to Base Year 2022–23 to achieve macro-statistical synchronization.

Key Components or Elements

  • Basket Composition (9 Sectors): Electricity, Refinery Products, Steel, Coal, Iron Ore, Cement, Natural Gas, Fertilisers, and Crude Oil.

  • Revised Sector Weights in ICI (2022–23 Base Year):

    • Electricity: 30.932%

    • Refinery Products: 22.572%

    • Steel: 17.584%

    • Crude Oil: 7.430%

    • Coal: 5.596%

    • Iron Ore: 4.905%

    • Cement: 4.410%

    • Natural Gas: 3.841%

    • Fertilisers: 2.731%