Govt to update key economic indicators

The government plans to update WPI, introduce a PPI for the first time, and revise IIP to the 2022-23 base year

- Dhirendra Kumar

The government has launched a nationwide survey to update India's key economic indicators, including the wholesale price index (WPI), introduce a producer price index (PPI) for the first time, and revise the index of industrial production (IIP) to the 2022-23 base year.

The move aims to make inflation and industrial output measures more representative of today's manufacturing sector.

A producer price index typically tracks prices received by services providers or manufacturers, even before their goods reach the wholesale market.

The ministry of commerce and industry, in an official order issued late Wednesday, said the exercise will begin this month. Data for the new series will be compiled retrospectively from April 2022, while the current WPI, based on 2011-12, will continue until the transition is complete.