India launches revised core industries index and first monthly services production index

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade, will publish a revised Index of Core Industries (ICI) with a 2022‑23 base year on July 20, replacing the long‑standing 2011‑12 series. The new ICI expands the basket to nine core sectors, adding iron ore, and aligns weights with the Index of Industrial Production, using gross steel production data and retaining only raw coal to avoid double counting.

Separately, the Statistics Ministry has introduced the Index of Services Production (ISP), a monthly indicator covering 19 service segments that together represent about 60% of India’s GDP. The inaugural release shows double‑digit growth in 14 segments, led by accommodation and food services, while air and rail transport posted declines. The ISP draws data from GST filings and administrative sources, applying deflators such as the Wholesale Price Index and CPI to convert nominal values to real output. The index currently excludes informal sectors and key areas like health and education, which are slated for future inclusion.