India’s New Index of Core Industries (2022-23): Key Updates

For economists, policy analysts, and institutional investors, the Index of Core Industries (ICI) serves as a primary barometer for India’s industrial health. On July 20, 2026, the Office of Economic Adviser (OEA), under the Department for Promotion of Industry and Internal Trade (DPIIT), executed a critical update to this measurement tool. By shifting the base year from 2011-12 to 2022-23, the government has moved to capture 14 years of rapid economic evolution, ensuring that the data reflects the current realities of the nation's manufacturing and infrastructure sectors.

This update represents a fundamental recalibration of how India accounts for its industrial output, moving toward greater transparency and stricter alignment with the broader Index of Industrial Production (IIP). As of July 20, 2026, the 2011-12 series is officially retired, making the 2022-23 index the authoritative standard for all future industrial performance tracking.

Key Methodological Shifts: A More Precise Picture

The most immediate change is the expansion of the core sectors. The ICI now tracks nine industries instead of eight, with the strategic inclusion of Iron Ore. Given India's intensive focus on infrastructure projects and domestic manufacturing, Iron Ore is a foundational input that was previously under-represented in core output metrics.

Beyond adding sectors, the OEA has refined the internal logic of the index to eliminate data distortion:

• Refining Coal Data: The new series tracks only "Raw Coal." By removing "Middling" and "Washed Coal" from the calculation, the government has eliminated the risk of double-counting.
• Steel Compilation: The industry has shifted from reporting net production data to "Gross Production" data, aligning the ICI with international best practices.

Comparison: Old Series vs. New Series

Feature	Old Series (2011-12)	New Series (2022-23)
Base Year	2011-12	2022-23
Total Industries	8	9
New Inclusion	N/A	Iron Ore
Steel Compilation	Net Production	Gross Production
Coal Methodology	Raw, Middling, Washed	Raw Coal Only

Bridging the Gap: Maintaining Analytical Continuity

To mitigate the loss of historical comparability, the OEA has introduced a "Linking Factor" of 1.47. This multiplier reconciles the old 2011-12 series with the new 2022-23 framework.

Analysts should note that comparing raw 2011-12 figures directly to 2022-23 data will lead to statistical bias. Users must apply the specific sector-wise linking factors or the overall 1.47 multiplier. For deep-dive trend analysis, the back series—providing re-calculated data points starting from April 2023—is available on the official OEA web portal. Utilizing this verified back series is essential for like-for-like growth calculations.

Strategic Implications for Industry

The transition to the 2022-23 base year provides a more granular view of the supply chain. The first full monthly report utilizing the 2022-23 methodology for July 2026 data is scheduled for release on August 20, 2026. According to the Press Information Bureau, this shift signifies a move toward a more transparent and modern industrial data environment, allowing for more informed decision-making regarding India’s economic trajectory.