Centre sets up panel to reset current WPI series' base year
Mint Kolkata|January 03, 2025
The move aims to make estimation of economic output adjusted for inflation more accurate
Gireesh Chandra Prasad

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 January 03, 2025 edition of Mint Kolkata.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the January 03, 2025 edition of Mint Kolkata.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM MINT KOLKATAView All
Mint Kolkata

Now, tech tools to test cortisol, soothe anxiety

A range of tech tools for mental health will be showcased at CES '25 in Vegas

time-read
2 mins  |
January 07, 2025
Mint Kolkata

This could be the best core exercise you've never done

A modification of the Zercher squat, the 'ab squat' is a dynamic workout that completely engages your core

time-read
3 mins  |
January 07, 2025
Mint Kolkata

For a balanced life, take the heroine's journey

Living a life not attuned to nature's cycles can affect the body and cause digestive issues as well as mental stress

time-read
4 mins  |
January 07, 2025
Mint Kolkata

AIF industry: At risk of death by a thousand circulars

Alternative investment funds generate value but have been dealt a harsh blow by over-regulation

time-read
4 mins  |
January 07, 2025
Mint Kolkata

Welfare programmes impact the retail prices relevant to people

India must update its inflation metrics to reflect actual consumption expenditure patterns for superior policy formulation

time-read
4 mins  |
January 07, 2025
Mint Kolkata

Expect Trump's Crackdown on Immigration to Be Disruptive

He is far better placed to act swiftly and harshly this time around

time-read
3 mins  |
January 07, 2025
Mint Kolkata

Tweaked for flexibility, NPS awaits tax clarity

This funded pension scheme now offers access to low-cost fund management with its option of staggered withdrawals of what was once a lump-sum. Good. Let's keep its taxation benign

time-read
2 mins  |
January 07, 2025
Mint Kolkata

Rupee depreciation is inevitable but its volatility is not

RBI should restrain its active forex management while the Centre aims to attract more dollars

time-read
4 mins  |
January 07, 2025
Mint Kolkata

Ten big GenAI developments we saw within the span of a month

Its evolution didn't even pause for a year-end break as the AI wave began turning into a tsunami

time-read
3 mins  |
January 07, 2025
Mint Kolkata

Simplifying Taxes: Key Challenges for Budget 2025

The focus is on how the Centre overhauls the new tax regime to attract more taxpayers

time-read
3 mins  |
January 07, 2025