Central Government has unveiled a new series of consumer price index for industrial workers (CPI – IW) with _____as the base year.
1) 2011
2) 2016
3) 2017
4) 2018
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Central Government has unveiled a new series of consumer price index for industrial workers (CPI – IW) with _____as the base year.
1) 2011
2) 2016
3) 2017
4) 2018
The correct answer is 2016 .
Minister of State (I/C) for Labour& Employment Shri Santosh Kumar Gangwar, in the presence of ShriApurva Chandra, Secretary L&E and Shri DPS Negi, Senior Labour& Employment Advisor and Director General, Labour Bureau released the new series of Consumer Price Index for Industrial Worker (CPI-IW) with base year 2016, beingcompiled and maintained by Labour Bureau, an attached office of Ministry of Labour& Employment.
The new series of CPI(IW) with base 2016=100 will replace theexisting series with base2001=100.
This will help in measurements of macroeconomic indicators of the Indian economy.
He added the improvements made in it, incorporating international standards and practices, will make it more comparable at international level.
As per the recommendations of International Labour Organisation (ILO), Index Review Committee (IRC) and National Statistical Commission (NSC), the base year of price index numbers should be revised at frequent intervals generally not exceeding 10 years to reflect the changes that take place in the consumption pattern of consumers.
The CPI-IW is compiled as per international best practices & guidelines of ILO.