Government to make new base year for WPI and IIP

The Wholesale Price Index (WPI) and Index of Industrial Production (IIP) are to get new base year from April this year. Central Statistical Office (CSO) which is preparing the IIP, hinted that the new base year will be 2011-12.

WPI is published by Ministry of Commerce and Industries, prepared monthly and is touching the price data at wholesale level. The IIP is about industrial production and is published on a monthly basis by the CSO.

Both indices are having 2004-05 as the base year as of now. Economic environment has changed significantly from the 2004-05 scenario and the CSO was thinking about shifting it to a more recent year as in the case of Consumer Price Index where the base year is 2012.

Similarly, the CSO’s major data compilation -the National Account Statistics is also have 2011-12 as the base year. 

Tags : wpi,iip base year