The Government of India has decided to constitute a Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12).
About:
Chairman of the Working Group: Ramesh Chand (Member, NitiAayog).
Nodal office: The Office of Economic Adviser, Department for Promotion of Industry & Internal Trade will be the nodal office for the Working Group and will process the report / recommendation of the Group for further necessary action.
Need of revision of WPI: The current series of Wholesale Price Index (WPI) with 2011-12 as base year was introduced in May 2017. Since 2011-12, significant structural changes have taken place in the economy.
The Terms of Reference of the Working Group are:
To select the most appropriate Base Year for the preparation of a new official series of Index Numbers of WPI and Producer Price Index (PPI) in India.
To review commodity basket of the current series of WPI.
To review the existing system of price collection in particular for manufacturing sector.
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