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Which of the following forms the major components of the Wholesale Price Index in India? 1. Primary Articles 2. Fuel & Power 3. Services 4. Manufactured Products Select the answer using the codes given below:

Which of the following forms the major components of the Wholesale Price Index in India? 1. Primary Articles 2. Fuel & Power 3. Services 4. Manufactured Products Select the answer using the codes given below: Correct Answer 1, 2 and 4

The correct answer is 1, 2 and 4.

  • Primary Articles, Fuels & Power, and Manufactured Products are the major components of the Wholesale Price Index in India.
  • WPI has a sub-index called WPI Food Index, which is a combination of the Food Articles from the Primary Articles basket, and the food products from the Manufactured Products basket.
  • The wholesale Price Index, or WPI, measures the changes in the prices of goods sold and traded in bulk by wholesale businesses to other businesses.
  • WPI is unlike the Consumer Price Index (CPI), which tracks the prices of goods and services purchased by consumers.

Key Points

  • Major components of WPI are:
    • Primary articles are a major component of WPI, further subdivided into Food Articles and Non-Food Articles.
    • Food Articles include items such as Cereals, Paddy, Wheat, Pulses, Vegetables, Fruits, Milk, Eggs, Meat & Fish, etc.
    • Non-Food Articles include Oil Seeds, Minerals, and Crude Petroleum.
    • The next major basket in WPI is Fuel & Power, which tracks price movements in Petrol, Diesel, and LPG.
    • The biggest basket is Manufactured Goods. It spans a variety of manufactured products such as Textiles, apparel, Paper, Chemicals, Plastic, Cement, Metals, and more.
    • The manufactured Goods basket also includes manufactured food products such as Sugar, Tobacco Products, Vegetable and Animal Oils, and Fats.

 

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