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The Office of Economic Adviser (OEA) under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, has released the first provisional Index of Core Industries (ICI) under the new base year (2022–23). The new series replaces the 2011–12 base year and has been made applicable retrospectively from April 2023, along with the release of a back series.

What is the Index of Core Industries (ICI)?

The Index of Core Industries (ICI) is a monthly macroeconomic indicator that measures the production performance of India's core infrastructure sectors, which form the backbone of industrial activity. Since these industries supply essential inputs to manufacturing and other sectors, the ICI serves as a leading indicator of industrial growth.

The index is compiled by the Office of Economic Adviser (OEA), DPIIT, and is generally released on the 20th of every month (or the next working day).

Key Changes in the New ICI Series (Base Year: 2022–23)

• A major change in the revised series is the inclusion of Iron Ore as the ninth core industry, recognising its critical role in steel production and industrial development. Consequently, the ICI now covers:Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, Electricity and Iron Ore
• The methodology has also been revised. The Steel Index will now be compiled using Gross Production Data instead of Net Production Data, while Coal Middling and Washed Coal have been excluded to eliminate double counting. Sectoral weights have been updated in line with the revised Index of Industrial Production (IIP) and normalised to 100.
• Among the core sectors, Electricity has the highest weight (30.93%), followed by Refinery Products (22.57%), Steel (17.58%), Crude Oil (7.43%), Coal (5.59%), Iron Ore (4.90%), Cement (4.41%), Natural Gas (3.84%), and Fertilizers (2.73%).
• To maintain continuity between the old and new series, a Linking Factor of 1.47 has been introduced for the overall index.

ICI Performance (June 2026)

The Index of Core Industries recorded 5.0% year-on-year growth in June 2026, improving from 3.2% in May 2026.

The strongest growth was recorded by:

• Iron Ore – 43.9%
• Electricity – 9.8%
• Cement – 9.8%
• Steel – 4.6%
• Coal – 1.4%

In contrast, Natural Gas, Crude Oil, Refinery Products, and Fertilizers registered negative growth. During April–June 2026, cumulative ICI growth stood at 3.6%, compared to 1.0% during the corresponding period of the previous year.

ICI vs Index of Industrial Production (IIP)

The ICI measures production in only the nine core infrastructure industries, whereas the Index of Industrial Production (IIP) tracks short-term changes across the entire industrial sector, including manufacturing, mining, and electricity.

ICI is compiled by the Office of Economic Adviser (DPIIT), while the National Statistical Office (NSO), MoSPI compiles the IIP.

The ICI is a subset of the IIP and acts as a leading indicator because movements in core industries often influence overall industrial production. Under the revised series, the combined weight of core industries in the IIP has been revised from 40.27% (2011–12 base) to 32.88% (2022–23 base).