Ramesh Chand head of working group to revise current series of Wholesale Price Index

The Union Government has constituted an 18-member working group for the revision of the current series of Wholesale Price Index (WPI) under Chairmanship of Prof. Ramesh Chand, Member of NITI Aayog. The revision of the base year would help in presenting a more realistic picture of the price situation and its impact on people. The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade will be the nodal office for the Working Group and will process the report and recommendation of the Group for further necessary action. The current series of WPI with 2011-12 as the base year was introduced in May 2017. Since 2011-12, significant structural changes have taken place in the economy. Therefore, it has become necessary to examine the coverage of commodities, weighting diagram and related issues pertaining to the existing series of index numbers of Wholesale Price Index. The Terms of Reference of the Working Group include deciding on the computational methodology to be adopted for monthly WPI and Producer Price Index (PPI) and reviewing the existing system of price collection in particular for the manufacturing sector and suggest changes for improvement.