The government has revised the base year of Wholesale Price Index, WPI and Index of Industrial Production, IIP to 2011-2012 from 2004-05. As per the new series, April WPI inflation stood at 3.85 percent and March IIP at 2.7 percent. The Consumer Price Index-based inflation in April stood at 2.99 percent.
Briefing media in New Delhi, Secretary, Department of Industrial Policy and Promotion Ramesh Abhishek stated the new series of WPI will provide a more accurate picture. In the new series, prices used for compilation do not include indirect taxes and will remove the impact of fiscal policy.
Important Takeaways from above News for SBI PO Mains Exam-
- WPI stands for Wholesale Price Index.
- IIP stands for Index of Industrial Production.
Source- Press Information Bureau (PIB)