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Business News/ Politics / Policy/  Govt to release updated IIP, WPI indices by year-end: T.C.A. Anant
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Govt to release updated IIP, WPI indices by year-end: T.C.A. Anant

The government last revised the index of industrial production and wholesale price index indices in 2011 with the base year of 2004-05

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Photo: Mint

New Delhi: The government will come out with revised index of industrial production (IIP) and wholesale price index (WPI) indices by the end of this year with a new base year of 2011-12 in order to make them more representative of the changing economic scenario.

“IIP is due for revision; it is under process at a very advanced stage. WPI is also up for revision. Similar to IIP, it is also at the very advanced stage. Both of these will be revised, as per my expectations shortly within the current year," chief statistician T.C.A. Anant told PTI in an interview.

The current indices of IIP and WPI have base year of 2004-05. As part of the revision, the basket of items and weightage assigned to different entries on the basis of which indices are computed will be updated, he said.

With the new series in place, both the IIP and WPI will become more comparable with the gross domestic product (GDP) numbers, Anant said.

“All of these will become comparable to the GDP basket in the 2011-12 series. The new series will be have 2011-12 as the base year," he said.

The National Statistical Commission has recommended to revise the base year of all economic indices every five years. The government had last revised these indices in 2011 with the base year of 2004-05.

In addition to this, Anant said the ministry of statistics and programme implementation which releases the data of national income (GDP) as well as WPI and consumer price index is working on bringing out an index for the services sector.

“There is work going on. There is a lot of work both on prices and on quantities. But at the moment most of these are experimental," he added. At present there is no such index for the services sector.

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Published: 05 Jun 2016, 09:53 PM IST
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