Department of Industrial Policy and Promotion Current Affairs - 2019
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The Wholesale Price Index is released by the Office of Economic Advisor (OEA), Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.
Wholesale Price Index February 2019
- Inflation based on wholesale prices rose to 2.93% in February over January 2019 due to hardening of prices of primary articles, fuel and power.
- Wholesale Price Index (WPI) based inflation stood at 2.76% in January 2019 and it was 2.74% during February 2018.
- Inflation of primary articles, which includes kitchen essentials like potato, onion, fruits, and milk increased to 4.84 per cent during the month, as against 3.54 in January.
- Wholesale-based price inflation for ‘fuel and power’ segment increased to 2.23 per cent in February as against 1.85 per cent in January 2019.
The Base year for the calculation of the Wholesale Price Index is 2011-12. In the WPI index, Primary Articles had a weightage of 22.62 per cent, Fuel and Power had a weightage of 13.15 per cent and Manufactured Products had a weightage of 64.23%.
The Department of Industrial Policy and Promotion (DIPP) has been renamed as the Department for Promotion of Industry and Internal Trade.
Mandate for the Newly Named Department
The newly named department will work under the Union Ministry of Commerce. The order issued by the President states that the department would deal with matters related to start-ups, facilitating ease of doing business among others.
The subject matter of internal trade which was under the ambit of the Ministry of Consumer Affairs has been transferred to the newly named department.
With this new mandate, both internal and external trade has been brought under a single Ministry (Ministry of commerce and industry). This will ensure better coordination and help in promoting the growth of both segments of the trade.
Why the new mandate?
For a long time Confederation of All India Traders Association (CAIT) was demanding for a separate Ministry of Internal Trade. CAIT sees the creation of a separate department by merging Internal and external trade is a step forward in the creation of a separate Ministry.
Tags: CAIT • Confederation of All India Traders Association • Department for Promotion of Industry and Internal Trade. • Department of Industrial Policy and Promotion • External Trade • Internal Trade • President • Union Ministry of Commerce