DPIIT to release revised Index of Core Industries with 2022–23 base year on 20 July
Synopsis
India's industrial data just got a major overhaul. The DPIIT is replacing a 15-year-old benchmark — the 2011–12 ICI base year — with a 2022–23 series on 20 July 2026, and Iron Ore enters as the ninth core industry. The shift will reset how India measures the engine of its industrial economy.
Key Takeaways
DPIIT will release the revised Index of Core Industries (ICI) with a new base year of 2022–23 on 20 July 2026 .
The new series replaces the existing 2011–12 base year series and includes a back series from April 2023 to May 2026 — covering 38 months .
Iron Ore has been added as the ninth core industry, up from the previous eight.
The Steel Index will now use gross production data instead of net production data for consistency with the IIP .
Coal Middlings and Washed Coal have been removed from the Coal sector to eliminate double counting.
The eight core industries collectively account for 40.27% of the weight of items in the IIP .
The Department for Promotion of Industry and Internal Trade (DPIIT) will release a revised series of the Index of Core Industries (ICI) with a new base year of 2022–23 on 20 July 2026, replacing the existing series that has been anchored to 2011–12 for over a decade. The announcement was made through an official statement on Friday, 17 July 2026.
What the New Release Covers
The revised ICI will be published by the DPIIT Economic Adviser's office and will include the provisional ICI for June 2026, along with a back series spanning April 2023 to May 2026 — a period of 38 months. The ICI is compiled on a monthly basis and serves as one of the most closely watched indicators of industrial momentum in India.
Key Methodological Changes
The weights for the revised ICI (2022–23) series have been derived from the Index of Industrial Production (IIP) 2022–23 series released by the Ministry of Statistics and Programme Implementation (MoSPI). The component weights, drawn from the IIP, have been redistributed on a pro-rata basis to total 100, finalising the ICI item basket.
Notably, the revised series switches to gross production data for compiling the Steel Index, departing from the net production data used in the ICI (2011–12) series — a change aimed at ensuring consistency with the IIP. In the Coal sector, only Raw Coal has been retained; Coal Middlings and Washed Coal have been excluded to eliminate double counting, since both are derived from Raw Coal.
Iron Ore Joins as the Ninth Core Industry
In a significant structural addition, Iron Ore has been included as a core industry in the revised series, raising the total count from eight to nine. The decision reflects Iron Ore's extensive use in industrial production and its substantial contribution to industrial development, according to the official statement. The existing eight core industries — Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity — will now be joined by Iron Ore.
Why the ICI Matters
The eight core industries currently account for 40.27% of the weight of items in the Index of Industrial Production (IIP), making the ICI a reliable leading indicator of overall industrial growth in the economy. With the addition of Iron Ore, the revised basket is expected to capture industrial activity more comprehensively. This comes amid a broader push by statistical agencies to modernise India's economic measurement frameworks, with the IIP itself having been updated to a 2022–23 base year earlier.
What Happens Next
From 20 July 2026, the new series will serve as the official ICI benchmark. Analysts and industry bodies are expected to recalibrate their industrial output models against the updated weights and expanded basket. The transition to a more recent base year is also likely to alter month-on-month and year-on-year growth readings compared with the old series.
Point of View
And a stale base year quietly distorts growth readings. The inclusion of Iron Ore is the more consequential change: it acknowledges a commodity that underpins steel, construction, and manufacturing, yet was inexplicably absent from the core basket. The methodological tightening on Coal — stripping out Middlings and Washed Coal to prevent double counting — signals a maturing statistical framework. The real test will be whether the revised series produces materially different growth narratives; if it does, analysts will need to revisit historical comparisons carefully.
NationPress
17 Jul 2026
Frequently Asked Questions
What is the revised Index of Core Industries (ICI) with the 2022–23 base year?
It is an updated monthly industrial output index released by DPIIT, replacing the existing ICI series anchored to 2011–12. The revised series launches on 20 July 2026 and includes a back series from April 2023 to May 2026, covering 38 months of data.
Why has Iron Ore been added to the Index of Core Industries?
Iron Ore has been included in the revised ICI series due to its extensive use in industrial production and its significant contribution to industrial development, according to the official statement. Its addition raises the number of core industries from eight to nine.
What changes have been made to the Coal and Steel components in the revised ICI?
In the Steel sector, the revised series uses gross production data instead of net production data to align with the IIP methodology. In the Coal sector, Coal Middlings and Washed Coal have been excluded to eliminate double counting, since both are derived from Raw Coal.
How are the weights for the revised ICI series determined?
The weights for the ICI (2022–23) series are derived from the IIP 2022–23 series released by MoSPI. These weights have been redistributed on a pro-rata basis to total 100, forming the revised ICI item basket.
Why does the ICI matter for India's economy?
The core industries covered by the ICI account for 40.27% of the weight of items in the Index of Industrial Production (IIP), making it a key leading indicator of overall industrial growth. With Iron Ore now included, the revised basket is expected to reflect industrial activity more comprehensively.
