Combined Index of Eight Core Industries increases by 8.0% (provisional) in July 2023 as compared to the Index of July 2022

Source: The post is based on the article “Combined Index of Eight Core Industries increases by 8.0% (provisional) in July 2023 as compared to the Index of July 2022”  published in PIB 1st September 2023

What is the News?

The combined Index of Eight Core Industries (ICI) has increased by 8.0% (provisional) in July 2023 as compared to the Index of July 2022. 

The production of Coal, Steel, Natural Gas, Cement, Electricity, Refinery Products, Fertilizers and Crude Oil increased in July 2023 over the corresponding month of last year. 

What is the Index of Eight Core Industries(ICI)?

Index of Eight Core Industries(ICI) measures combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. 

These Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

What is the Index of Industrial Production (IIP)?

Index of Industrial Production is an index that measures growth of industrial production in India.

This index classifies industries into the mining, manufacturing and electricity sector.

IIP index is currently calculated using 2011-2012 as the base year. 

IIP data is compiled and released every month by the Central Statistical Organization (CSO).