NEW DELHI: This, in turn, will make India's estimation of economic output adjusted for inflation more precise.
An official statement issued by the commerce and industry ministry said the 18-member panel led by NITI Aayog member Ramesh Chand will advise on a proposal to change the base year of WPI from 2011-12 to 2022-23 reflecting the structural changes in the economy over the years.
The government also signaled its intention to transition from WPI, which covers goods but not services, to a more comprehensive producer price index (PPI) that can track services, which account for more than half of India's economic output.
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