The Union government will come out with revised IIP and 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 and WPI are due for revision. They both are at a very advanced stage. Both of these will be revised, as per my expectations shortly within the current year,” Chief Statistician TCA Anant told in an interview to PTI.
The present indices of IIP and WPI have the base year of 2004-05.
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As part of the revision, the basket of items and weightage assigned to different entries on the basis of which indices is computed will be updated, he said.
With the new series in place, both the Index of Industrial Production (IIP) and Wholesale Price Index (WPI) will become more comparable with the GDP numbers than it is currently, he said.
“All of these will become comparable to the GDP basket in the 2011-12 series. The new series will have 2011-12 as the base year”, Anant said.
The National Statistical Commission has recommended revision of the base year of all economic indices in every five years. The Government had last revised these indices in 2011 with the base year of 2004-05.
In addition to this, the Chief Statistician also informed that the Ministry of Statistics and Programme Implementation (MoSPI) which releases the data of national income (GDP), WPI and Consumer Price Index (CPI) is working on bringing out an index for the services sector.
“A lot of work has to be done on both the prices and on the quantities. The process is going on. But at the moment most of these are experimental,” he added.
At present, there is no such index for the services sector.