Relevance for Banking, SSC & RBI Grade B exams: Economy/Governance

The Office of the Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT), will release a revised series of the Index of Core Industries (ICI) with 2022-23 as the base year on July 20, 2026. This new series will replace the existing ICI series which had a base year of 2011-12. The ICI is compiled monthly, and this release will include the provisional index for June 2026, along with historical data for the period from April 2023 to May 2026. Significantly, the revised ICI series will now include iron ore as a core industry, increasing the total number of core industries from eight to nine, acknowledging its widespread use and contribution to industrial development. Furthermore, the revised series will use gross production data for compiling the steel index, replacing the net production data used in the 2011-12 series, and will only include raw coal in the coal sector to avoid double counting of derived products.

For banking, SSC, and RBI Grade B aspirants, this development is crucial for understanding economic indicators and governance. Questions may arise regarding the new base year for the ICI, the rationale behind including iron ore, the updated number of core industries, and the changes in data compilation methods for steel and coal. Knowledge of these revisions demonstrates an understanding of how key economic indices are updated to reflect current industrial realities and improve data accuracy, which is vital for analyzing economic trends and policy implications.

Source: PIB (Press Information Bureau)

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