The government on Thursday set up a committee of experts to reset the base year of the current series of Wholesale Price Index (WPI) in an effort to make the measure of factory-gate inflation more accurate. 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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The Treasures of Nimrud Pieced Together Again
Archaeologists Have Been Reassembling Bas-Reliefs, Sculptures and Decorated Slabs
How Bhansali elevates the first encounter
An excerpt from a new book on the Hindi director considers the importance of first sightings in Sanjay Leela Bhansali's cinema
From arrack to wine, a bar crawl across Sri Lanka
Cocktail bars in the island nation are drawing on local traditions and flavours to give a heady twist to familiar spirits
Only human-centred AI can charm humans to adopt it
The AI industry could learn from carmakers how to focus on the consumer and modify perceptions
How Emerging Economies Could Prosper in a Protectionist World
As manufacturing export success gets harder, they should focus on service exports. These are unlikely to face big trade barriers
The Asian Dream Is Waking Up To Realities Of Middle-Class Life
Asians are realizing that staying middle-class is not guaranteed
Fix India's bond market to lift economic growth
As India's economy slows, we should revive public-private partnerships to attract private investment. But, for debt funding, we'll need to reform and invigorate our market for bonds
Lessons from the 75-year-old National Sample Survey
Its impressive history tells us much about innovation, autonomy and state-level data collection
We should let clarity prevail over nonsense: Here's a handy guide
We must use simple language, empathize with people, not take ourselves too seriously and be kind
Clear Goals and Discipline: How Small Investors Can Build Lasting Wealth
There is no one-size-fits-all, the answer will depend on your needs, personal preferences
