Working Group set up to revise WPI base year from 2011-12 to 2022-23
The 18-member group, chaired by NITI Aayog Member Ramesh Chand, will also recommend a roadmap to switch from WPI to a Producer Price Index.
Summary
The Government of India constituted a Working Group for revising the base of the Wholesale Price Index (WPI) from 2011-12 to 2022-23, the Ministry of Commerce and Industry announced on 2 January 2025. The WPI Working Group is chaired by Prof. Ramesh Chand, Member, NITI Aayog, with a Deputy Director General of DPIIT as Member Secretary, and includes officials from MoSPI, RBI and GSTN and economists such as Surjit Bhalla and Shamika Ravi. The Working Group will suggest the commodity basket for WPI and Producer Price Index (PPI) with base 2022-23, review price collection and methodology, and recommend a roadmap for switching from WPI to PPI.
Key facts
- Announced
- 2 January 2025, Ministry of Commerce and Industry
- Base revision
- WPI base 2011-12 to 2022-23
- Chairman
- Prof. Ramesh Chand, Member, NITI Aayog
- Member Secretary
- Deputy Director General, DPIIT
- Members
- 18 in all, including MoSPI, DEA, RBI, GSTN representatives and non-official economists
- Terms of reference
- Commodity basket for WPI/PPI; price collection; computational methodology; roadmap from WPI to PPI; linking factor
Practice MCQs 3 questions
To which new base year is the Wholesale Price Index proposed to be revised by the Working Group constituted in January 2025?
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Correct answer: B — 2022-23
PIB (Commerce): the Working Group is for base revision of WPI from base 2011-12 to 2022-23.
Who chairs the Working Group constituted for revising the base of the Wholesale Price Index?
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Correct answer: C — Prof. Ramesh Chand, Member, NITI Aayog
PIB (Commerce): Prof. Ramesh Chand, Member, NITI Aayog, is the Chairman of the Working Group.
Consider the following statements about the WPI base-revision Working Group: 1. Its terms of reference include recommending a roadmap for switching over from WPI to a Producer Price Index (PPI). 2. A Deputy Director General of DPIIT is its Member Secretary. 3. It is chaired by the Governor of the Reserve Bank of India. Which of the statements given above are correct?
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Correct answer: D — 1 and 2 only
PIB (Commerce): the ToR include a roadmap for switch over from WPI to PPI and the DDG, DPIIT is Member Secretary; the Chairman is Prof. Ramesh Chand of NITI Aayog, while RBI only sends a representative.