Expedite WPI base year revision, says Parliamentary panel report
Committee asks DPIIT to align WPI with revised GDP, CPI and IIP series, and roll out producer price indices to improve price measurement and data accuracy
 "Expedite WPI base year revision, says Parliamentary panel report")
The Parliamentary Standing Committee on Commerce has called on the Department for Promotion of Industry and Internal Trade (DPIIT) to fast-track the revision of the Wholesale Price Index (WPI) base year from 2011-12 to 2022-23.
In its 196th Report on Demands for Grants 2026-27, tabled on Wednesday, the committee stressed completing the update of WPI “at the earliest” amid economic structural changes. The current series, launched in May 2017, tracks 697 commodities across primary articles, fuel & power, and manufactured products, with monthly data from Ministry of Statistics and Programme Implementation (MoSPI) surveys funded by DPIIT.
To achieve better alignment with the other revised macroeconomic indicators like the Gross Domestic Product (GDP), Consumer Price Index (CPI) and Index of Industrial Production (IIP), the base year of WPI is proposed to be revised from 2011-12 to 2022-23.
The Department also proposed to introduce Producer Price Indices — PPI Output (Goods), PPI Input (Goods), and Service PPI — on a monthly basis to improve price measurement and enable more accurate estimation of real GDP, in line with international best practices.
The Committee also urged that the Output PPI, Input PPI, and Business Service Price Index be introduced without delay to strengthen industrial statistics.
Under Price and Production Statistics, DPIIT's allocation stands at ₹20 crore for 2026-27 (BE), down slightly from ₹21.60 crore in the previous year.
“The Committee also emphasises the need to enhance coordination with MoSPI, improve data validation mechanisms, and ensure adequate financial and technical support to maintain reliability, transparency, and alignment with international statistical standards,” the report added.
A new GDP series, with 2022-23 as the base year, replaced the 2011-12 series and was rolled out on February 27. This follows the release of a revised CPI series, with 2024 as the base year, which replaced the 2012 series on February 12. Additionally, a new IIP series, with 2022-23 as the base year in place of 2011-12, is scheduled for release on May 28.