Labour Minister releases revised Consumer Price Index

NEW DELHI: Minister of State for Labour& Employment Santosh Kumar Gangwar, in presence of Apurva Chandra, Secretary L&E and 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, being compiled 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 the existing series with base2001=100.

Earlier to this revision, the series were also revised from the year 1944 to 1949;1949 to 1960; 1960 to 1982 and 1982 to 2001 since inception of Labour Bureau.

In this regard, Union Labour Minister said that the revision of CPI-IW with new base covering representing latest consumption pattern of the target population will prove to be in the interest of workers in times to come.

Gangwar said this will help in measurements of macro economic 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.

Minister lauded the efforts of Labour Bureau for their steadfastness and exemplary role which have finally culminated in the release of updated series of CPI(IW). While lauding the efforts, Minister mentioned that data on all aspects of labour is crucial to serve as inputs in policy making and this justifies the existence of an organization like Labour Bureau, dedicated to labourand price statistics. With the ever increasing importance of data in the times to come coupled with the fact that India is a labour abundant nation, a dedicated organization for labourand price statistics like the LabourBureau merits strengthening, stated a press release.

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