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Govt Plans Major Survey for Workers' Index
23 Mar
Summary
- New survey to update the base year for industrial workers' price index.
- Consumption patterns of industrial workers will be captured.
- Survey planned for mid-year with technical committee vetting.
The Ministry of Labour and Employment is initiating a comprehensive survey of working-class families, a decade after the last assessment. This crucial exercise is set to update the base year for the Consumer Price Index for Industrial Workers (CPI-IW) to 2025.
The primary goal is to meticulously capture the evolving consumption patterns among industrial workers over the past ten years. The Ministry has formally requested the Ministry of Statistics and Programme Implementation to undertake this survey.
Officials indicate that efforts are underway to commence the survey by the middle of the current year. Prior to its launch, the proposed methodology will undergo rigorous review by the Technical Advisory Committee on Statistics of Prices and Cost of Living.
The current CPI-IW, which uses 2016 as its base year and has been operational since September 2020, tracks retail price movements for a defined basket of goods and services. It serves as a vital benchmark for determining wages and dearness allowances across various sectors.
Past revisions have demonstrated significant shifts in spending. For instance, when the base year changed from 2001 to 2016, the proportion of food and beverages decreased, while housing costs increased. The scope of items tracked also expanded during that revision.
