The Government of India has established an 18-member committee, chaired by NITI Aayog member Ramesh Chand, to revise the base year of the Wholesale Price Index (WPI) from 2011-12 to 2022-23.

• The update aims to reflect structural economic changes and improve inflation measurement at the producer level.
• The committee will revise the commodity basket, enhance the price collection system, and plan the transition from WPI to a Producer Price Index (PPI).
• WPI currently measures inflation for goods only, excluding services, which form over 50% of India’s GDP.
• The report is expected within 18 months and will guide the DPIIT’s Office of the Economic Adviser.