- The monthly Index of Eight Core Industries (ICI) is a production volume index.
- The objective of the ICI is to provide an advance indication on production performance of industries of ‘core’ nature. These industries are likely to impact on general economic activities as well as industrial activities.
- The Eight Core Industries- Electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilizers- comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
- Industry Weight (In percentage)
- Petroleum & Refinery production – 28.04
- Electricity generation – 19.85
- Steel production – 17.92
- Coal production – 10.33
- Crude Oil production – 8.98
- Natural Gas production – 6.88
- Cement production – 5.37
- Fertilizers production – 2.63
- ICI is released by the Office of Economic Advisor, under the Ministry of Commerce and Industries. The base year of the ICI is 2011-12.
Why in News?
- According to the latest data released by the Department for Promotion of Industry and Internal Trade, the combined Index of Eight Core Industries grew at 18.1 percent in May 2022 as compared to the Index of May 2021. The Index stood at 148.1 in May 2022.