INDEX OF EIGHT CORE INDUSTRIES (BASE YEAR: 2011-12=100) FOR MARCH, 2026

1. At a Glance

The Index of Eight Core Industries (ICI) is a monthly production index of eight infrastructure-supportive sectors, released by the Office of the Economic Adviser, DPIIT, Ministry of Commerce & Industry [S1].
The eight industries together carry a 40.27% weight in the Index of Industrial Production (IIP), making ICI a high-frequency lead indicator of industrial activity [S1][S2].
Examined frequently in Prelims (weights, base year, releasing ministry) and in GS-III Mains as a barometer of industrial growth.

The March 2026 ICI (provisional) contracted by 0.4% YoY — a rare negative print — released on 20 April 2026 by PIB Delhi [S1].
It pulled down the FY 2025-26 cumulative ICI growth to 2.6% (provisional), sharply lower than recent years [S2].

ICI launched by the Office of the Economic Adviser (then under Ministry of Industry); successive base-year revisions: 1993-94 → 1999-2000 → 2004-05 → current 2011-12=100 [S1].
Originally a six-core index; expanded to eight with addition of Fertilizers and Cement.
Weights derived from the IIP basket and pro-rated to sum to 100 [S2].

Releasing body: Office of the Economic Adviser, DPIIT, Ministry of Commerce & Industry [S1]. (Note: NOT MoSPI, which releases IIP.)
Base year: 2011-12 = 100 [S1].
Coverage in IIP: 40.27% by weight [S1].
Sectoral weights (sum to 100): Petroleum Refinery Products 28.04, Electricity 19.85, Steel 17.92, Coal 10.33, Crude Oil 8.98, Natural Gas 6.88, Cement 5.37, Fertilizers 2.63 [S2].
March 2026 combined ICI: −0.4% YoY (provisional) [S1].
Negative growth sectors (Mar 2026): Fertilizers, Crude Oil, Coal, Electricity [S1].
Final Feb 2026 ICI growth: 2.8% [S1].
FY 2025-26 cumulative growth (Apr–Mar): 2.6% (provisional) [S2].

Economic — Contraction in March, the closing month of FY, drags full-year ICI to 2.6% vs higher trend; signals weak industrial momentum at handover to FY 2026-27 [S1][S2].
Sectoral — Cumulative FY26: Steel +9.1%, Cement +8.6% (construction-led) vs Crude Oil −2.8%, Coal −0.5%, Refinery −0.1%, Fertilizers −0.1%, Electricity +0.9% [S2]; reflects construction strength but energy-supply softness.
Administrative / Statistical — ICI is a provisional → final release with a two-month revision cycle (March's provisional vs February's final illustrates this) [S1].
Policy linkage — Feeds into IIP, GVA in manufacturing/mining/electricity GDP estimates by NSO/MoSPI, and RBI's monetary policy assessments.
Environmental — Negative growth in coal, crude oil and electricity has dual reading: weak demand vs gradual energy transition; fertiliser dip touches food-security planning.

20 Apr 2026: ICI Mar 2026 released — combined index −0.4% [S1].
Feb 2026: Final growth 2.8% [S1].
Monthly releases for Nov 2025, Dec 2025, Jan 2026, Feb 2026, Apr 2026 issued by PIB on the standard schedule [S3].
FY 2025-26 closes at 2.6% cumulative, decelerating from earlier years [S2].

ICI base year: 2011-12 [S1].
Releasing ministry: Ministry of Commerce & Industry (DPIIT, Office of Economic Adviser) — not MoSPI [S1].
ICI weight in IIP: 40.27% [S1].
Highest-weighted core industry: Petroleum Refinery Products (28.04) [S2].
Lowest-weighted core industry: Fertilizers (2.63) [S2].
Eight industries: Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, Electricity [S1].
March 2026 combined ICI: −0.4% YoY (provisional) [S1].
Sectors with negative growth in Mar 2026: Fertilizers, Crude Oil, Coal, Electricity [S1].
February 2026 final ICI growth: 2.8% [S1].
FY 2025-26 cumulative ICI growth: 2.6% [S2].
Strongest FY26 cumulative performer: Steel (+9.1%) [S2].
Weakest FY26 cumulative performer: Crude Oil (−2.8%) [S2].
ICI is a lead indicator for IIP since it is released earlier in the cycle.
ICI excludes manufacturing items like automobiles, textiles; it is an infrastructure/intermediate-goods index.

GS-III — Indian Economy: Growth, Industrial Policy, Infrastructure.
Syllabus heads: "Issues relating to planning, mobilization of resources, growth, development"; "Infrastructure: Energy, Ports, Roads".
Question stems: 1. "Despite resilient construction-linked core sectors, India's Eight Core Industries growth has decelerated in FY 2025-26. Examine the structural drivers." 2. "Discuss how the Index of Eight Core Industries serves as a lead indicator for the Index of Industrial Production. What are its limitations?" 3. "Energy-sector weakness in core industries is both a demand signal and a transition signal. Comment."

Index of Industrial Production (IIP) — ICI feeds 40.27% of it; released by MoSPI.
PMI (Manufacturing & Services) — private high-frequency counterpart.
GVA & GDP estimation methodology — uses ICI for quick estimates.
National Statistical Office / MoSPI — releases IIP, CPI, GDP.
PLI Schemes (Steel, Specialty Steel, Solar, etc.) — affect core sector capacity.
National Infrastructure Pipeline & Gati Shakti — demand drivers for cement, steel.
Energy transition / Coal India / ONGC output trends — explain negative coal/crude prints.
Wholesale Price Index (WPI) — also from Office of Economic Adviser, same office.

Confusing the releasing body — ICI is by DPIIT/Commerce Ministry, IIP by MoSPI.
Wrong base year — current is 2011-12, not 2004-05.
Mis-ranking weights — many assume Coal or Electricity is highest; it is Refinery Products (28.04).
Treating ICI as covering all manufacturing — it covers only eight infrastructure-linked sectors.
Forgetting the revision cycle: latest month is provisional; figure two months prior becomes final.

[S1] INDEX OF EIGHT CORE INDUSTRIES (BASE YEAR: 2011-12=100) FOR MARCH, 2026 — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2253812 — (tier: 1)
[S2] PIB releases on ICI weights, FY 2025-26 cumulative growth (Feb 2026 release) — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2243014 — (tier: 1)
[S3] PIB ICI monthly release archive (Nov 2025, Dec 2025, Jan 2026, Apr 2026 entries) — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2263287 — (tier: 1)