GOVT SEEKS COMMENTS ON PROPOSED REVISION OF WPI
- June 9, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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GOVT SEEKS COMMENTS ON PROPOSED REVISION OF WPI
Subject: Economics
Context: Wholesale price index makeover on the cards, base year to be 2017-18
Concept:
- The wholesale price index (WPI), the widely tracked inflation indicator, is set for an overhaul with the base year being revised to 2017-18 from 2011-12 and the possibility of bringing within its tent fresh items to capture emerging consumption patterns.
Wholesale Price Index
- It is the most widely used inflation indicator in India.
- Published by the Office of Economic Adviser, Ministry of Commerce and Industry.
- All transactions at the first point of bulk sale in the domestic market are included.
- Major criticism for this index is that the general public does not buy products at wholesale price.
- The base year of All-India WPI has been revised from 2004-05 to 2011-12 in 2017.