Government of India Forms Committee to Revise WPI Base Year to 2022-23
| Aspect | Details |
|---|---|
| Event | Formation of an 18-member committee to revise the base year of the Wholesale Price Index (WPI). |
| Date of Formation | January 2, 2025 |
| Committee Chairperson | Professor Ramesh Chand, member of NITI Aayog. |
| Objective | Revise WPI base year from 2011-12 to 2022-23 to enhance inflation measurement accuracy. |
| Key Focus Areas | Commodity selection, price collection system review, computational methodology, PPI transition, and reliability improvements. |
| Expected Output | Final report to be submitted within 18 months. |
| Last Revision | WPI base year revised in 2015 from 2004-05 to 2011-12. |
| Significance | Reflects structural economic changes, including service sector growth, and aims to transition from WPI to PPI. |