The department for the promotion of industry and internal trade (DPIIT) will soon launch a new wholesale price index (WPI), with 2017-18 base year and a revamped product basket, to better capture the structural churns in the economy, DPIIT secretary Anurag Jain told FE.
“The new index will have many more products, which will be reflective of the changes in the economy. The new base year will help improve the quality and representative character of the index. Since there will be more items, the weight assigned to each of them, in most cases, will drop. Prices will be collected from a larger number of establishments as well,” Jain said in an interview.