India Forms High-Level Panel To Review Wholesale Price Index

New Delhi, Jan 2 (KNN) The Government of India has announced the formation of a high-level Working Group tasked with revising the base year of the Wholesale Price Index (WPI) from 2011-12 to 2022-23.

The group will be chaired by Prof. Ramesh Chand, Member, NITI Aayog, the country's premier policy think tank.

The Working Group's mandate encompasses several crucial aspects of price index computation. They will review and recommend changes to the commodity basket of both WPI and Producer Price Index (PPI), taking into account structural changes in the economy.

The group is also tasked with improving the existing price collection system and determining appropriate computational methodologies for both indices.

A key focus area for the Working Group will be examining the potential transition from WPI to PPI, including developing a roadmap for this switch.

They will also review and suggest improvements to the method of computing linking factors between different base year series.

The government has given the Working Group 18 months from the notification date to submit its final report to the Office of the Economic Adviser.

The Chairman has been empowered to co-opt additional experts or representatives from other agencies as needed to fulfil the group's objectives.

The Working Group comprises a diverse mix of government officials, regulators, and private sector experts.

Key government representatives include senior officials from the Ministry of Statistics and Programme Implementation, Department of Economic Affairs, Department of Agriculture & Farmers Welfare, and the Ministry of Petroleum & Natural Gas. The Reserve Bank of India will also have representation in the group.

(KNN Bureau)