The Government of India has decided to constitute a Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12). The Working Group is tasked with selecting the most appropriate Base Year for the preparation of a new official series of Index Numbers of Wholesale Price (WPI) and Producer Price Index (PPI) in India. It is also set to review commodity basket of the current series of WPI and suggest additions / deletions of commodities in the light of structural changes in the economy witnessed since2011-12.
The Working Group is expected to review the existing system of price collection in particular for manufacturing sector and suggest changes for improvement. It will also decide on the computational methodology to be adopted for monthly WPI/PPI and will examine the existing methodology of compilation of PPI approved by Technical Advisory Committee on Series of Prices and Cost of Living and suggest further improvement in compilation and presentation. The Working Group may recommend roadmap for switch over from WPI to PPI. The Group is also expected to examine the method of computing linking factor adopted so far and suggest appropriate change in method of computing linking factor, if necessary.