With reference to India, consider the following statements:1. The Wholesale Price Index (WPI) in India is available on a monthly basis only.2. As compared to Consumer Price Index for Industrial Workers (CPIIW), the WPI gives less weight to food articles.Which of the statements given above is/are correct?
✓ Correct answer: b) 2 only
ExplanationStatement 1 is incorrect : During 2010 (but correct at present, January 2025) the Wholesale Price Index (WPI) was on a monthly basis and on a weekly basis for primary and fuel items.However, the Cabinet Committee on Economic Affairs (CCEA) in 2012 decided to discontinue weekly data on primary and fuel items.These changes were on the recommen- dation of Abhijit Sen committee’s proposals in 2004-05. The current base year for WPI is 2011-12. Statement 2 is correct: The WPI which is published by the Office of Economic Adviser, Ministry of Commerce and Indus- try, gives less weight to food articles (24.38%) as compared to the Consumer Price Index for Industrial Workers (CPI IW), which assigns a higher weight (39.17%) to food items in the new series with base year 2016. The WPI and CPI have different weightages for various components.In the WPI, the weightage for food articles is relatively lower compared to the CPI for Indus- trial Workers (CPIIW).The CPIIW gives a higher weight to food and beverages because it reflects the consumption pattern of in- dustrial workers, who spend a sign
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