Index of eight core industries

Why in 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.

About Index of eight core industries:

• The Eight Core Industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP).
• These are Electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilisers.
• Industrial Production (IIP) is a key gauge of factory activity in the country and the core sectors best indicate the status of an economy as they are vital products which are required for production processes throughout the country.
• Index of Eight Core Industries is released by Ministry of Commerce and Industry.

PRACTICE QUESTION:

‘Index of Eight core industries’ is released by:

(a) Ministry of Statistics and Program implementation

(b) Ministry of Finance

(c) Ministry of Commerce and Industry

(d) NITI Aayog

Answer