MCQ
Q.
The base year for Rajasthan's whole sale Price Index is:
Correct Answer: B
The correct answer is 1999 - 2000.
- The Office of the Economics and Statistics Department has introduced the revised series of the Index of Wholesale Prices (base 1999 - 2000 = 100) in replacing of the earlier WPI series (Base 1952 - 53 = 100) with effect from 1st January 2005, in Rajasthan.
Key Points
- A wholesale price index (WPI) is an index that measures and monitors changes in the price of goods at stages prior to the retail level.
- The wholesale prices of selected agricultural, minerals, fuel, power, light & lubricants, and manufactured commodities are collected every Friday in 76 selected centres for 154 items
- This applies to goods sold in bulk and exchanged between companies or companies (instead of between consumers).
- The weighted index is broadly classified into the following 3 groups:-
- Primary Articles,
- Fuel, power, light & lubricants, and
- Manufactured Products.
Additional Information
- An Advisory Committee was constituted by the Government of Rajasthan under the chairmanship of Dr S. S. Acharya, (Former Chairman, Commission for Agricultural Costs and Prices, Government of India) Director, Institute of Development Studies, Rajasthan, Jaipur, for revision of base year of Wholesale Prices Index in Rajasthan.
- The advisory committee was entrusted with the task of examining the issues relating to the weighting diagram and several other aspects of the wholesale price index series.
- Based on the recommendations of the committee, the Government of Rajasthan has decided to replace the existing series of Index Numbers of Wholesale Prices (Base: 1952 - 53) with a revised series having 1999 - 2000 as the base year.