UPSC Prelims Practice Questions — Core Industries Index set to get an upgrade

Question 1

The revised Index of Core Industries (2022-23=100), set for release in 2026, will be compiled and released by which one of the following?

Accepted Answer

Office of the Economic Adviser, DPIIT, Ministry of Commerce and Industry

Answer

National Statistical Office, Ministry of Statistics and Programme Implementation

Answer

Economic Division, Department of Economic Affairs, Ministry of Finance

Answer

Central Statistics Wing under NITI Aayog

Question 2

The revised Index of Core Industries shifts its base year from 2011-12 to 2022-23. By how many years does this advance the base year of the series?

Accepted Answer

11 years

Answer

7 years

Answer

9 years

Answer

13 years

Question 3

Iron Ore, the industry newly added to make the Index of Core Industries a nine-industry index, falls under the administrative purview of which one of the following ministries?

Accepted Answer

Ministry of Mines

Answer

Ministry of Steel

Answer

Ministry of Coal

Answer

Ministry of Commerce and Industry

Question 4

In the existing series, the core industries together constitute what proportion of the weight of items included in the Index of Industrial Production (IIP)?

Accepted Answer

40.27%

Answer

37.90%

Answer

43.50%

Answer

46.10%

Question 5

With reference to the Index of Core Industries (ICI) and the Index of Industrial Production (IIP), consider the following statements:
1. The ICI is compiled by the Office of the Economic Adviser (DPIIT), while the IIP is compiled by the Ministry of Statistics and Programme Implementation.
2. The revised ICI adopts 2022-23 as its base year, replacing its earlier base year of 2004-05.
3. The weights of the revised ICI are derived from the IIP (2022-23) series.
Which of the statements given above is/are correct?

Accepted Answer

1 and 3 only

Answer

1 and 2 only

Answer

2 and 3 only

Answer

1, 2 and 3

Question 6

The weights of the revised Index of Core Industries (2022-23) are derived from the weights of which one of the following series released by the Ministry of Statistics and Programme Implementation?

Accepted Answer

Index of Industrial Production (2022-23) series

Answer

Wholesale Price Index (2022-23) series

Answer

Producer Price Index (2022-23) series

Answer

Consumer Price Index (2022-23) series

Question 7

With reference to the derivation of weights for the Index of Core Industries, consider the following statements:
1. In the existing series, the core industries constituted about 40.27% of the weight of items in the IIP.
2. In the revised series, the ICI item weights are redistributed pro-rata so as to sum to 100 for the ICI basket.
3. The revised ICI weights are derived from the Wholesale Price Index (2022-23) series released by MoSPI.
Which of the statements given above is/are correct?

Accepted Answer

1 and 2 only

Answer

2 and 3 only

Answer

1 and 3 only

Answer

1, 2 and 3

Question 8

The revised Index of Core Industries is being launched in step with a broader base-year revision of national indices recommended by which one of the following?

Accepted Answer

Advisory Committee on National Accounts Statistics (ACNAS)

Answer

National Statistical Commission

Answer

Technical Advisory Committee on Statistics of Prices and Cost of Living

Answer

Standing Committee on Economic Statistics

Question 9

In the revised Index of Core Industries (2022-23=100), the accompanying back series begins from which month, marking the earliest data point of the new series?

Accepted Answer

April 2023

Answer

April 2022

Answer

May 2026

Answer

June 2026

Question 10

The Advisory Committee on National Accounts Statistics recommended FY 2022-23 as the new base year for how many of the following national indices — GDP, Wholesale Price Index, Producer Price Index and Index of Industrial Production?

Accepted Answer

All four

Answer

Two

Answer

Three

Answer

One

Question 11

Once the newly recalibrated series is released, the Index of Core Industries will track how many core industries, as against the number in the earlier series?

Accepted Answer

Nine

Answer

Seven

Answer

Eight

Answer

Ten

UPSC Prelims Practice Questions — Core Industries Index set to get an upgrade

Q1. The revised Index of Core Industries (2022-23=100), set for release in 2026, will be compiled and released by which one of the following?

Q2. The revised Index of Core Industries shifts its base year from 2011-12 to 2022-23. By how many years does this advance the base year of the series?

Q3. Iron Ore, the industry newly added to make the Index of Core Industries a nine-industry index, falls under the administrative purview of which one of the following ministries?

Q4. In the existing series, the core industries together constitute what proportion of the weight of items included in the Index of Industrial Production (IIP)?

Q6. The weights of the revised Index of Core Industries (2022-23) are derived from the weights of which one of the following series released by the Ministry of Statistics and Programme Implementation?

Q8. The revised Index of Core Industries is being launched in step with a broader base-year revision of national indices recommended by which one of the following?

Q9. In the revised Index of Core Industries (2022-23=100), the accompanying back series begins from which month, marking the earliest data point of the new series?

Q10. The Advisory Committee on National Accounts Statistics recommended FY 2022-23 as the new base year for how many of the following national indices — GDP, Wholesale Price Index, Producer Price Index and Index of Industrial Production?

Q11. Once the newly recalibrated series is released, the Index of Core Industries will track how many core industries, as against the number in the earlier series?