♦ The Union Government announced the formation of an expert panel to revise the Wholesale Price Index (WPI) base year from 2011-12 to 2022-23. The panel is headed by Niti Aayog member Ramesh Chand. 

♦ The group for revising the WPI and the PPI has been asked to submit its final report to the Office of the Economic Adviser in the Commerce and Industry Ministry within 18 months, effectively giving it a June 30, 2026 deadline.

♦ The group will also examine the methodology for the compilation of PPI, suggest further improvement in compilation and presentation and recommend a roadmap for switch over from WPI to PPI.

♦ The members of the group include representatives from the RBI, Department of Economic Affairs, Ministry of Statistics, Department of Agriculture, Department of Consumer Affairs, Ministry of Petroleum and Natural Gas; Soumya Kanti Ghosh, Chief Economist, SBI Group.

♦ At present, the index has a total of 697 items, including primary articles (117), fuel and power (16), and manufactured products (564).