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 yesterday, Secretary, Department of Industrial Policy and Promotion Ramesh Abhishek said 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 impact of fiscal policy. 

The seasonality of fruits and vegetables has been updated. A new WPI Food

Index will be compiled to capture the rate of food inflation. 173 new items has been added under manufacturing goods. New item basket in manufactured products reflects changed structure of the economy. 

Talking to media Chief Statistician T C A Anant said the IIP base year has also been changed to ensure that it remains more relevant. The new Index of Industrial Production, IIP series captures work in progress for capital goods to avoid volatility. It has 407 item groups, as against 399 in old series. The series would be less volatile, as compared to current series. Inclusion of electricity generation from renewable sources have also been included in the new IIP series.

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