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.
This story is from the January 03, 2025 edition of Hindustan Times Navi Mumbai.
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This story is from the January 03, 2025 edition of Hindustan Times Navi Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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