Question

With the proposed changed what will be the base year for Wholesale Price Index?

A 1) 2004-05 Correct Answer Incorrect Answer
B 2) 2007-08 Correct Answer Incorrect Answer
C 3) 2011-12 Correct Answer Incorrect Answer
D 4) 2014-15 Correct Answer Incorrect Answer
E 5) 2015-16 Correct Answer Incorrect Answer

Solution

The government is likely to change the base year for calculating the Index of Industrial Production (IIP) and the Wholesale Price Index (WPI) to 2011-12. Currently, IIP and WPI take 2004-05 as base year, while the GDP and Consumer Price Index data are calculated using the base year of 2011-12. Using the same base year of 2011-12 for all macroeconomic data indicators will ensure that accuracy is maintained in the mapping of economic activity.

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