Core industries (ICI)
ICI = Index of Core Industries- How often
- Every monthAbout the 20th of the following month
- Next release
- Fri 20 NovIn 8 days · expected · 5:00 PM
- Base year
- 2022-23 = 100
September 2026, up from 5.9% in August 2026.
Events on this chart
Source: OEA, DPIIT, released 21 Oct 2026 · Chart: Clarity UPSC
- Previous
- 5.9%Aug 2026
- Highest
- 62.6%Apr 2021
- Lowest
- −37.9%Apr 2020
Higher than 86% of the 174 readings since Apr 2012.
Story
Output of nine basic industries. This is a production index, unrelated to core inflation.
What is happening now As of Sep 2026
The Index of Core Industries grew 7.9% in September 2026 over September 2025, by the provisional estimate of 21 October 2026, up from 5.9% in August (final). Iron ore output grew 18.4%, electricity 11.4%, coal 10.7%, refinery products 10.3%, cement 9.8% and steel 4.9%. Output of fertilisers, natural gas and crude oil fell.
The Office of the Economic Adviser names coal, refinery products, steel and iron ore as the main drivers in recent months. From April to September 2026, the index grew 5.1%, against 2.5% in the same months of 2025.
Why it matters
These nine industries supply energy and basic materials to the rest of the economy: power, fuel, steel, cement and fertiliser. When their output rises, factories, builders and farms are usually buying more of these inputs, so the index is an early sign of activity further along the chain.
It comes out about a week before the Index of Industrial Production (IIP) and covers about a third of its weight, so it is the first official reading of industrial output each month. Steel and cement follow construction and infrastructure work, and electricity follows demand from homes and industry.
What it is
The index covers coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, electricity and, since 2026, iron ore.
These industries make up about a third of the Index of Industrial Production. The Office of the Economic Adviser in the Ministry of Commerce and Industry compiles the index every month.
Read this number
- The publisher
- The Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade (Ministry of Commerce and Industry) compiles the WPI, the producer price indices and the core industries index.
- Industries
- Nine: coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, electricity, iron ore
- Largest weights
- Electricity 30.93%, refinery products 22.57%, steel 17.58%
- Share of the IIP
- 32.88% of the IIP's weight
Terms on this page (3)
- DPIIT
- Department for Promotion of Industry and Internal Trade
- IIP
- Index of Industrial Production
- NSO
- National Statistics Office
History
- 7 Nov 2025The Office of the Economic Adviser sets up a committee under the Principal Economic Adviser to revise the base year.
- 20 Jul 2026New series with base 2022-23 replaces base 2011-12, with a back series from April 2023. Iron ore joins as the ninth industry, and the industries' share of the weight of the Index of Industrial Production (IIP) changes from 40.27% to 32.88%.
- 20 Jul 2026Steel is now measured by gross production and coal by raw coal only. Electricity's weight rises from 19.85% to 30.93%, as renewable power enters the weights.
Readings
| Period | Value | Status | Released |
|---|---|---|---|
| Sep 2026 | 7.9% | Provisional | 21 Oct 2026 |
| Aug 2026 | 5.9%revised from 4.8% | Final | 21 Oct 2026 |
| Jul 2026 | 5.0%revised from 5.4% | Final | 21 Sep 2026 |
| Jun 2026 | 6.0%revised from 5.0% | Final | 20 Aug 2026 |
| May 2026 | 1.0%revised from 0.5% | Final | 20 Jul 2026 |
| Apr 2026 | 1.8% | Final | 22 Jun 2026 |
| Mar 2026 | 1.2%revised from −0.4% | Final | 20 May 2026 |
| Feb 2026 | 2.8% | Final | 20 Jul 2026 |
| Jan 2026 | 4.7% | Final | 20 Jul 2026 |
| Dec 2025 | 4.7% | Final | 20 Jul 2026 |
| Nov 2025 | 2.1% | Final | 20 Jul 2026 |
| Oct 2025 | −0.1% | Final | 20 Jul 2026 |
For UPSC
Know the nine industries and the three heaviest weights: electricity (30.93%), refinery products (22.57%) and steel (17.58%). The Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade (DPIIT) compiles this index. The National Statistics Office (NSO) compiles the Index of Industrial Production (IIP), in which these industries hold 32.88% of the weight.