With reference to Consumer Price Index for Industrial Workers CPI IW consider the following statemen...........

Economic and Social Issues Inflation Trends

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With reference to Consumer Price Index for Industrial Workers (CPI-IW), consider the following statements

It was compiled and released by the Central Statistical Organization (CSO), a unit works under the Ministry of Statistics and Programme Implementation.
The base year for CPI-IW was revised recently from 2001 to 2016.

Select the correct statement.

1 only

2 only

Both

None

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Explanation:

Recently, the Labour and Employment Ministry has revised the base year of the Consumer Price Index for Industrial Workers (CPI-IW) from 2001 to 2016.

It aims to reflect the changing consumption pattern, giving more weightage to spending on health, education, recreation and other miscellaneous expenses, while reducing the weight of food and beverages.

CPI-IW

It is the single most important price statistics, which has financial implications.
Labour Bureau, an attached office of Ministry of Labour & Employment, has been compiling and releasing CPI-IW numbers since its inception in 1946.
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.
It is primarily used to regulate the dearness allowance of government employees and the workers in the industrial sectors.
It is also used in fixation and revision of minimum wages in scheduled employments besides measuring the inflation in retail prices.

Hence only statement 2nd is correct.