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The Office of Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT) has released a revised series of Index of Core Industries (ICI) with Base Year 2022-23. The new series will replace the existing series with Base Year 2011-12. Provisional estimates for June 2026 are available, and the back series from April 2023 is also available online.
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Mains Practice Question
Critically examine the implications of releasing a revised series of Index of Core Industries with Base Year 2022-23, and its potential impact on industrial growth and economic policy-making.
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The Office of Economic Adviser (OEA) is releasing the revised series of Index of Core Industries with Base Year 2022-23 under which ministry?
The revised series is being released by the Department for Promotion of Industry and Internal Trade (DPIIT), which oversees industrial policy and development.
What is the Base Year of the new Index of Core Industries series?
The new series has a Base Year of 2022-23, replacing the earlier Base Year of 2011-12.
Consider the following statements regarding Index of Core Industries (ICI): 1. The ICI is compiled on a quarterly basis. 2. The new series of ICI has a base year of 2022-23 and replaces the existing series with a base year of 2011-12. 3. The ICI for the month of June 2026 is released by the Ministry of Finance. How many of the above statements are correct?
Statement 2 is correct because it accurately reflects the information provided in fact list items 1 and 3. Statement 1 is incorrect because the ICI is compiled on a monthly basis (fact list item 3). Statement 3 is incorrect because the ICI for the month of June 2026 is released by the Office of Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT), not the Ministry of Finance.
Consider the following two statements: Statement-I: The new series of Index of Core Industries has a base year of 2022-23. Statement-II: This change is made to align with the changing economic landscape and improve the accuracy of the index. Which one of the following is correct in respect of the above statements?
Statement 1 is correct because it accurately reflects the information provided in fact list item 1. Statement 2 is incorrect because there is no mention of aligning with the changing economic landscape or improving accuracy in the fact list.