Revamping Industrial Metrics: India Unveils Updated Core Industries Index

The Indian Ministry of Commerce and Industry will introduce a revised Index of Core Industries on July 20, 2026, changing the base year to 2022-23. This update includes the addition of iron ore, increasing the monitored industries to nine, and aims to provide more accurate industrial performance analysis.

The Indian Ministry of Commerce and Industry is set to launch a new version of the Index of Core Industries, updating its base year to 2022-23. Scheduled for release on July 20, the revised series will replace the existing model that has used 2011-12 as its foundation. The release will also include provisional core sector data for June 2026 and a historical back series covering 38 months from April 2023 to May 2026.

The restructuring aims to enhance the framework for tracking India's industrial sectors, including expanding the index basket to include iron ore as a core industry. This addition boosts the total number of monitored sectors from eight to nine, a move the Ministry describes as pivotal due to iron ore's substantial role in industrial development.

The weights for the new series are developed from the Index of Industrial Production's 2022-23 data, according to the Ministry of Statistics and Programme Implementation. The government has redistributed these weights to total 100 for the final composition of the ICI item basket, ensuring alignment with broader industrial metrics. Additionally, adjustments in reporting gross production of steel and refined energy sector components aim to refine and improve the accuracy of data.