Previous Year Question
Which of the following Institution/Office bring out the Wholesale Price Index (WPI) data in India?
The Reserve Bank of India
The Ministry of Commerce and Industry
The Ministry of Finance
The Ministry of Consumer Affairs, Food and Public Distribution
Correct Answer: B
Detailed Solution
In India, the Wholesale Price Index (WPI) is compiled and released by the Office of the Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry.
The WPI measures changes in the prices of selected goods at the wholesale level. It is therefore an important indicator of wholesale price movements in the economy.
It is useful to distinguish the functions of the institutions given in the options—
The Reserve Bank of India (RBI) is responsible for monetary policy and banking regulation, but it does not compile and release the WPI.
The Ministry of Finance deals with fiscal policy, taxation and the Union Budget, but it is not the institution that publishes the WPI.
The Ministry of Consumer Affairs, Food and Public Distribution deals with consumer affairs, food distribution and price monitoring, but it is not the official compiler of the all-India WPI.
Responsibility for the WPI lies with the Office of the Economic Adviser, DPIIT, Ministry of Commerce and Industry.
Thus—
WPI → Office of Economic Adviser → DPIIT → Ministry of Commerce & Industry