Someone said it right, Statistical data is like bikini, which reveals a lot but then keep lot to guess about.
I have been hearing lately about rising inflation in India and its overall contritbution towards global meltdown, but then how do government decide that its costly to live in? Is that truely due to rise in essential commodities?
With small digging, I could find that Wholesale price Index is the primary source for government of India to decide on Inflation.
Wholesale Price Index (WPI) is the price of a representative basket of wholesale goods.
WPI tracks prices of 435 commodities, of which 98 are primary articles, 19 fall in the fuel, power, light & lubricants group and 318 are in the manufactured products group. This list get revised time to time and surprisingly this got last reviwed last in 93-94.
Is it safe to assume that lifestyle of average Indians have remained unchanged for 13-14 years?? I dont think so.
Mobile phones, cable TV, internet and much more..have now become commodity & should get accounted in WPI. There can possibly some argument against some of the commodities about they being ‘actual’ commodities for the nation of billion people, but then surely there are items like ‘mobile phones’ which needs to be in.
Thoughts?
