Minister of State (I/C) for Labour& Employment Shri Santosh Kumar Gangwar released the revised Consumer Price Index for Industrial Workers (CPI-IW) based on new series 2016=100 from the existing 2001=100.
The Consumer Price Index for Industrial Workers is the single most important price statistics, which has financial implications. 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.
The base year of price index numbers should be revised at frequent intervals generally not exceeding 10 years to reflect the changes that take place in the consumption pattern of consumers. The CPI-IW is compiled as per international best practices & guidelines of ILO.
Shri Gangwar also released the maiden index with base year 2016 for the month of September, 2020. The Index is compiled for 88 centres and All India.
The All India index for the month of September, 2020 stands at the level of 118 and linking factor for the conversion of new series index to previous series on base 2001=100 is 2.88.
The next issue of CPI-IW for the month of October, 2020 will be released on Friday 27th November, 2020. The same will also be available on the office website www.labourbureaunew.gov.in.