An Advisory Group on Corporate Governance under the chairmanship of Dr. R.H. Patil had earlier submitted its report in March 2001 which examined the issues relating to corporate governance in banks in India including the public sector banks and made recommendations to bring the governance standards in India on par with the best international standards.
Given the relatively low income levels, food items constitute a very large proportion of the consumption basket and this is reflected in their weights in the CPI indices (46-70 per cent) relative to the WPI index (27 per cent). Fuel group has a weight of 14 per cent in WPI but only in the range of 6-8 per cent in the consumer price indices.