the New IIP, WPI Series- The key macroeconomic indicators
- IIP (Index of Industrial Production)
- WPI (Wholesale Price Index)
- CPI (Consumer Price Index)
Shifting of Base Years
- The base year for the indices in the new series has shifted to 2011 - 12, against the earlier 2004 - 05.
- The series has been revised after eight years.
- The common base year of 2011 - 12 is aimed at reducing discrepancies.
About IIP
- The new series of IIP will include 809 manufacturing products and 55 mining products that are re-grouped into 521 item groups
- The new series of IIP will include technology items like
- Smart phones
- Tablets
- LED television
- New IIP series:
Table Contant shows About New IIP seriesSector | Base year 2011 - 12 | Base year 2004 - 05 |
Weights (%) | Item groups | Weights (%) | Item groups |
Mining | 14.373 | 1 | 14.157 | 1 |
Manufacturing | 77.633 | 405 | 75.527 | 397 |
Electricity | 7.994 | 1 | 10.316 | 1 |
Total | 100 | 407 | 100 | 399 |
- In the new series, there has been an increase in number of factories in panel for reporting data and closed ones have been removed.
About WPI
- WPI will continue to constitute three major groups namely
- Primary articles
- Fuel & power
- Manufactured products
- The number of items covered in the new series of the WPI has increased from 676 to 697.
- 199 new items have been added and 146 old items have been dropped.
- The new series of WPI, prices used for compilation do not include indirect taxes in order to remove impact of fiscal policy
- Under the primary articles, new added vegetables and fruits like
- Radish
- Carrot
- Cucumber
- Bitter gourd
- Mosambi (sweet lime)
- Pomegranate
- Jackfruit
- Pear
- Under the Fuel & power, new added items like
- Copper concentrate
- Lead concentrate and
- Garnet
- Other items dropped like
- Copper ore
- Gypsum
- Kaolin
- Dolomite
- Magnesite
- Under the manufacturing items, 173 new added items including
- Conveyer belt
- Rubber tread
- Steel cables
- Tissue paper
- Wooden splint
- 135 items dropped like
- Khandsari
- Poppadom
- Video CD players
- Under the new series of WPI, weight of manufactured items has decreased to 64.2 per cent from 64.9 per cent in old series.
- Similarly, the weight of fuel and power has decreased to 13.1 per cent from 14.9 per cent.
- The weight of primary items has increased to 22.6 per cent from 20.1 per cent.
✍Examrace Team at Aug 23, 2021