The government of India will release the actual prices of various commodities, the secretary in the Department of Industrial Policy and Promotion (DIPP) told media.
According to DIPP, the release of actual price data in the public domain will increase transparency and eventually correct any confusion on prices. The data collected by the DIPP will be based on voluntary disclosures from trade sources. The government has also planned to release monthly figures on rate of inflation by using the actual price data.
The government will also introduce Producer Price Index (PPI), which will capture the price movements at the producers’ level and will measure both input prices paid by the producers and the output price that they receive on produced items.
The current index does not include the services sector which accounts for more than 50 per cent of the GDP. The Government is also working to formulate an index that will capture the trends in services also.