News: India’s eight core industry sectors shrank just 0.8% in September on a year-on-year basis, recording their lowest contraction since March 2020, with electricity and steel output clocking positive growth for the first time since March, and coal production rising for the second month in a row.
The Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade, which compiles the Index of Eight Core Industries, also revised its estimates for June and August.
About Index of Eight Core Industries:
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 production performance of industries of ‘core’ nature before the release of Index of Industrial Production (IIP) by Central Statistics Office.
These industries are likely to impact on general economic activities as well as industrial activities.
ICI measures 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. Components covered in these eight industries for the purpose of compilation of index are as follows:
Coal – Coal Production excluding Coking coal.
Crude Oil – Total Crude Oil Production.
Natural Gas – Total Natural Gas Production.
Refinery Products – Total Refinery Production (in terms of Crude Throughput).
Steel – Production of Alloy and Non-Alloy Steel only.
Cement – Production of Large Plants and Mini Plants.
Electricity – Actual Electricity Generation of Thermal, Nuclear, Hydro, imports from Bhutan.
The Index is compiled and released by Office of the Economic Adviser (OEA), Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, Government of India.
The Eight Core Index broadly has a combined weight of 37.90 % in the Index of Industrial Production (IIP) and is published about 12 days prior to IIP. The weights of respective industries in IIP are – Coal 4.38 %, Crude Oil production 5.22 %, Natural Gas 1.71 %, Petroleum Refinery 5.94 %, Fertilizers 1.25 %, Steel 6.68 %, Cement production 2.41 % and Electricity generation 10.32 %.
After the base revision to 2011, the Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The industry-wise weights indicated in the ICI are individual industry weight 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%.)
The Index of Eight Core Industries is a provisional index which is released every month. The index is calculated by using the Laspeyre’s formula of weighted arithmetic mean of quantity relatives.
2. CHIEF INFORMATION COMMISSIONER (CIC)
News: Former diplomat and Central Information Commissioner Yashvardhan Kumar Sinha is tipped to be appointed the next Chief Information Commissioner (CIC), two months after the position fell vacant, sources said on Thursday.
About Chief Information Commissioner:
The Central Information Commission (CIC) is an independent and unconstitutional body to look after the complaints made to it. The CIC was established in 2005 by the Government of India under the provisions of the Right to Information Act, 2005.
The Central Information Commission consists of one Chief Information Commissioner and not more than ten Information Commissioners.
The President of India appoints the Chief Information commissioner and the other information commissioners on the recommendations of the select committee consisting of the Prime Minister as chairperson, the leader of the opposition in the Lok Sabha and Union Cabinet Ministers nominated by the Prime Minister.
The Chief Information commissioner and an information commissioner holds office for five years or until they attain the age of 65 years. They are not eligible for re-appointment.
The Chief Information Commissioner and the other Information Commissioners can be removed by the President of India on the basis of proved misbehaviour or incapacity.
Although the Supreme Court of India is authorised to cross check the allegation put against the Chief Information Commissioner and the other Information Commissioners. If the Supreme Court finds that the allegations are correct then the CIC and other Information Commissioners are removed by the President of India.
The first Chief Information Commissioner of India was Wajahat Habibullah. First woman Chief Information Commissioner was Deepak Sandhu.