Government sets up panel to revise WPI

New Delhi: The government on Thursday set up an 18-member working group for the revision of the current series of Wholesale Price Index.

The revision of the base year would help in presenting a more realistic picture of the price situation and its impact on people.

The commerce and industry ministry in a statement said the current series of Wholesale Price Index (WPI) with 2011-12 as base year was introduced in May 2017.

Since 2011-12, significant structural changes have taken place in the economy, it said.

"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 WPI," it said.

Accordingly, it said, the government has constituted a working group for the revision of current series of WPI (Base 2011-12) under Chairmanship of Ramesh Chand, Member, Niti Aayog.