Combined index of eight core industries (ICI)

General Studies Paper 3

Context: The combined Index of Eight Core Industries (ICI) increased by 3.6 percent (provisional) in March 2023 as compared to the Index of March 2022.

• The production of Coal, Fertilizers, Steel, Natural Gas, and Refinery Products increased in March 2023 over the corresponding month of last year (2022).

Index of Eight Core Industries (ICI)

• ICI measures combined and individual performance of the 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).
• The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) releases the Index of Eight Core Industries (ICI).
• Base year: 2011-2012

Summary of the Index of Eight Core Industries 

• Coal – Coal production (weight: 10.33 percent) increased by 12.2 percent in March 2023 over March 2022.
• Crude Oil – Crude Oil production (weight: 8.98 percent) declined by 2.8 percent in March 2023 over March 2022.
• Natural Gas – Natural Gas production (weight: 6.88 percent) increased by 2.8 percent in March 2023 over March 2022.
• Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 percent) increased by 1.5 percent in March 2023 over March 2022.
• Fertilizers – Fertilizer production (weight: 2.63 percent) increased by 9.7 percent in March 2023 over March 2022.
• Steel – Steel production (weight: 17.92 percent) increased by 8.8 percent in March 2023 over March 2022.
• Cement – Cement production (weight: 5.37 percent) declined by 0.8 percent in March 2023 over March 2022.
• Electricity – Electricity generation (weight: 19.85 percent) declined by 1.8 percent in March 2023 over March 2022.