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Kerala PSC Indian Economy Book Study Materials Page 178Book's First Page
7.14 ndian onom (i) 1952–53 Base Year (112 Commodities) It is more representative with increase issued from June 1952. in number of quotations from 5482 to (ii) 1961–62 Base Year (139 Commodities) 8331—an increase by 2849 quotations issued from July 1969. (52 per cent). (iii) 1970–71 Base Year (360 Commodities) The prices used for compilation do not issued from January 1977. include indirect taxes in order to remove (iv) 1981–82 Base Year (447 Commodities) impact of fiscal policy. This is in issued from January 1989. consonance with international practices and will make the new WPI conceptually (v) 1993–94 Base Year (435 Commodities) closer to Producer Price Index (PPI). issued from July, 1999. Item level aggregates for new WPI (vi) 2004–05 Base Year (676 Commodities) have been compiled using Geometric released in September 2011. Mean (GM) following international (vii) 2011–12 Base Year (697 Commodities) best practice and as is currently used for released in May 2017. compilation of the CPI-C. The major changes in weights, number reviseD WPi of items and quotations between WPI The new series of the WPI was released41 by the 2004-05 and WPI 2011-12 are given in Government with the revised base year as 2011-12. the Table 7.1. The existing base year was 2004-05. The new base A new Wholesale Food Price Index (WPFI) year aligns with the base year of other indicators has been introduced—combining the like the Gross Domestic Product (GDP) and Index Food Articles (belonging to the group of Industrial Production (IIP). A Working Group Primary Articles) and Food Products was set up (March 2012) by the Government to (belonging to the group Manufactured advise on the new series of the WPI (headed by Products). Together with the Consumer Saumitra Chaudhuri, Member, erstwhile Planning Food Price Index (CPFI) released by Commission). Key highlights of the revised series Central Statistics Office, this would help are as given below: monitor the price situation of food items WPI continues to constitute three major better. groups—Primary Articles, Fuel and To keep pace with the changing structure Power, and Manufactured Products. The of the economy it is necessary to follow number of items has been increased from a dynamic review process of the WPI 676 to 697—in all 199 new items have and related aspects it. That is why the been added and 146 old items have been Government has set up (for the first time) dropped. a high level Technical Review Committee (TRC) for this purpose. The committee is 41. ffice of co o ic i o , Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce headed by the Secretary, Department of and Industry, GoI, N. Delhi, May 12th, 2017. Industrial Policy and Promotion (DIPP).