The Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT), released the revised Index of Core Industries (ICI) series on 20 July 2026. It shifts the base year from 2011-12 to 2022-23. The ICI tracks monthly output in India’s core infrastructure sectors. It is an important early signal of industrial activity.
Updates in the Revised Series
Base year changed: The series now uses 2022-23 as the base year.
Core basket expanded: Iron ore has been added, taking the basket from eight to nine industries.
Iron ore weight: Iron ore has a weight of 4.905% in the revised ICI.
Coal coverage refined: The coal index now covers only raw coal. This removes double-counting of coal middlings and washed coal.
Highest weights: Electricity has the highest weight at 30.9%. Refinery products and steel follow at 22.5% and 17.5%.
Link with IIP: The core industries’ combined weight in the Index of Industrial Production (IIP) falls to 32.88%, from 40.27% in the earlier series.
Why This Matters
Comparable data: A common 2022-23 base year aligns the ICI with other revised macroeconomic series.
Current industrial structure: The revised basket and weights better reflect India’s present core infrastructure sectors.
About the ICI–IIP Link
Early signal: ICI covers key inputs such as electricity, steel, coal and refinery products. Their monthly movement gives an early indication of wider industrial production.
Different measures: ICI covers nine core industries. IIP measures a wider set of industrial activities and is released by the National Statistical Office.