Yet, there is scope for significant improvement in, for example, the construction of WPI or IIP, where the coverage baskets have to be more representative of target populations.
Given the fast pace of changes in the structure of the economy in the face of deregulation, liberalisation, and competitive forces, it is important that the various indices such as WPI or IIP, which attempt to capture the underlying developments in the economy, are refined and updated on a continuous basis to provide timely information to the policymakers.