New Delhi, Aug 15 (NationPress) - The Centre has declared plans for a comprehensive nationwide survey aimed at updating the nation's Wholesale Price Index (WPI), launching a Producer Price Index (PPI), and revising the Index of Industrial Production (IIP) to align with the 2022-23 base year.

This initiative is designed to enhance the accuracy of inflation and industrial output metrics, ensuring they reflect the current realities of today's manufacturing landscape.

The WPI monitors price fluctuations for goods at the wholesale level, concentrating on bulk transactions between enterprises. The existing base year, 2011-12, is increasingly antiquated due to substantial economic transformations over the last decade.

PPI, on the other hand, observes prices received by manufacturers or service providers before their products enter the wholesale market, while IIP gauges industrial output across sectors such as manufacturing, mining, and electricity. Updating its base year will ensure it mirrors ongoing industrial activities, correcting the outdated production patterns tied to the 2011-12 base year.

The Ministry of Commerce and Industry has confirmed that this initiative will commence in August, with data for the new series to be compiled from April 2022.

Given the significant evolution of the manufacturing sector over the past decade, analysts assert that this upgrade is crucial for India to meet international statistical benchmarks.

The National Statistical Office’s Field Operations Division is tasked with executing the survey based on the Collection of Statistics Act. A team of 26 Statistics Officers will oversee regional offices, supported by officials authorized to inspect GST invoices, e-way bills, balance sheets, and additional records to validate submissions.

According to an official statement, “The survey will encompass all states and union territories, focusing on organized manufacturing establishments involved in activities such as manufacturing, repair, gas, water supply, and cold storage.”

Owners or managers of factories registered under various laws, including the Factories Act, Companies Act, and Shops and Commercial Establishments Act, may be requested to supply data. If individual details for each unit are not available, consolidated information for all units under the same management within a state or union territory can be submitted.

Statistics Officers will allow respondents up to a month, or an appropriate time frame, to provide information, which can also be submitted via an online platform. There are enforcement provisions in place, including adjudicating officers with the authority to impose penalties for non-compliance and an appellate authority for grievance resolution.

The data will be analyzed by the Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade (DPIIT).