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).