The Central Government has announced a comprehensive update of key economic indicators, including the Wholesale Price Index (WPI), Index of Industrial Production (IIP), and the introduction of a new Producer Price Index (PPI), all aligned to the 2022-23 base year. This initiative aims to make inflation measurement and industrial output data more reflective of the current manufacturing and service sectors.

The WPI, which tracks wholesale-level price changes in bulk transactions, currently uses 2011-12 as its base year—considered outdated due to major economic changes over the past decade. The new Producer Price Index (PPI) will measure prices received by manufacturers and service providers before products reach the wholesale market, while the IIP revision will update industrial output tracking for sectors such as manufacturing, mining, and electricity.

The Ministry of Commerce and Industry stated that the revision exercise will commence in August, with data collection for the new series starting from April 2022. The move is expected to align India with international statistical practices and address distortions caused by outdated production patterns.

The National Statistical Office’s Field Operations Division will conduct the survey under the Collection of Statistics Act. Twenty-six Statistics Officers will lead regional offices, authorized to inspect GST invoices, e-way bills, balance sheets, and other relevant documents. The survey will cover all states and union territories, targeting organized manufacturing establishments engaged in manufacturing, repairs, gas supply, water distribution, and cold storage.

Factories and establishments registered under the Factories Act, Companies Act, Shops and Commercial Establishments Act, or other statutory provisions will be required to provide data. In cases where unit-wise details are unavailable, combined information for all units under the same management in a state can be submitted. Respondents will have up to one month or a reasonable period to share information via the online portal.

Non-compliance may attract penalties as adjudicating officers are empowered to enforce the provisions, with an appellate authority in place for grievance redressal. The collected data will be processed by the Office of the Economic Adviser under the Department for Promotion of Industry and Internal Trade (DPIIT).