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Consider the following statements regarding the Index of Eight Core Industries (ICI):
1. It is a monthly index that measures the performance of production in selected eight core industries.
2. The Index is compiled and released by the National Statistics Office (NSO).
3. Fertiliser industry has the least weightage among the eight industries.
Which of the statements given above is/are correct?
  • a)
    1 and 3 only
  • b)
    2 only
  • c)
    1, 2 and 3
  • d)
    2 and 3 only 
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding the Index of Eight Core In...
  • The monthly Index of Eight Core Industries (ICI) is a production volume index. The objective of the ICI is to provide an advance indication on the production performance of eight industries of ‘core’ nature before the release of the Index of Industrial Production (IIP) by the Central Statistics Office. These industries are likely to impact general economic activities as well as industrial activities. Hence statement 1 is correct.
  • ICI measures the collective and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilizers, Steel, Cement, and Electricity.
  • The Index is compiled and released by the Office of the Economic Adviser (OEA), Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, Government of India. Hence statement 2 is not correct.
  • The Index of Eight Core Industries comprises 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). The industry-wise weights indicated in the ICI are individual industry weights derived from IIP and blown up on pro-rata basis to a combined weight of ICI equal to 100 - (Coal 10.33 %, Crude Oil production 8.98 %, Natural Gas 6.88%, Petroleum Refinery 28.04 %, Fertilizers 2.63 %, Steel 17.92 %, Cement production 5.37 % and Electricity generation 19.85%.). Hence statement 3 is correct.
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Consider the following statements regarding the Index of Eight Core Industries (ICI):1. It is a monthly index that measures the performance of production in selected eight core industries.2. The Index is compiled and released by the National Statistics Office (NSO).3. Fertiliser industry has the least weightage among the eight industries.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)1, 2 and 3d)2 and 3 onlyCorrect answer is option 'A'. Can you explain this answer?
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