NEW DELHI: The government will come out with revised indices of industrial promotion (IIP) and wholesale inflation by the end of this year with a new base year of 2011-12, to make them more representative of the changing economic scenario.
“IIP is due for revision, it is under process at a very advanced stage. Wholesale price index (WPI) is also up for revision. Similar to IIP, it is also at the very advanced stage. Both of these will be revised, as per my expectations, shortly within the current year,” chief statistician TCA Anant said.
The current indices of IIP and WPI have a base year of 2004-05.
As part of the revision, the basket of items and weightage assigned to different entries on the basis of which the indices are computed will be updated, Anant said, adding, with the new series in place, both IIP and WPI will become more comparable with the GDP numbers.
“All of these will become comparable to the GDP basket in the 2011-12 series. The new series will be have 2011-12 as the base year”, Anant said.
The National Statistical Commission has recommended revising the base year of all economic indices every five years.