Govt reconstitutes 22-member committee to advise on price statistics
This story was originally published at 10:38 IST on 20 July 2024
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NEW DELHI – The government has reconstituted the Technical Advisory Committee on Statistics of Prices and Cost of Living to examine and advise on the construction of consumer, wholesale, retail, and producers' price indices, the National Statistical Office said in a notification.
The terms of reference of the committee also include the revision of base year for all price indices, and reviewing the organisational arrangement and the machinery for price collection.
The 22-member committee will be chaired by Director General (Statistics) in the National Statistical Office, and includes representatives from the finance ministry, the commerce ministry, the Reserve Bank of India, the labour bureau, NITI Aayog, Department of Consumer Affairs, the agriculture ministry, and officials from various state governments.
Last month, the government had constituted a 26-member Advisory Committee on National Accounts Statistics to decide on the base year revision of GDP and also advise on the alignment of GDP with other indices such as the CPI, WPI, Producer Price Index, and the Index of Industrial Production.
Informist has previously reported that the government aims to bring in new series for GDP, Index of Industrial Production, and Wholesale Price Index with 2022-23 (Apr-Mar) as the base year within the next two years. GDP, IIP, and WPI, all currently have 2011-12 as the base year. The base year of CPI is 2012.
GDP, CPI, and IIP are compiled by the National Statistical Office, while the WPI is compiled and released by the Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade.
The Department for Promotion of Industry and Internal Trade has also prepared a Producer Price Index but is yet to introduce the index. End
Reported by Shubham Rana
Edited by Ashish Shirke
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