| Photo Credit: Special arrangement

The panel is expected to review the current system of price collection and suggest changes of its improvement, and decide on the computation methodology for the WPI and the PPI. File
| Photo Credit: Sushil Kumar Verma

The Centre on Thursday (January 2, 2025) announced the formation of an expert panel to revise the constituents of the country’s Wholesale Price Index (WPI) in light of the structural changes in the economy that have occurred between 2011-12, the current base year for the critical price gauge, and 2022-23 that would be the new base year.

The working group, to be steered by Niti Aayog member Ramesh Chand, would also examine the composition of, and the methodology for compilation of a new Producers’ Price Index or PPI, that has been approved by a technical advisory panel on Statistics of Prices and Cost of Living.

The group for revising the WPI and the PPI has been asked to submit its final report to the Office of the Economic Adviser in the Commerce and Industry Ministry within 18 months, effectively giving it a June 30, 2026 deadline.

As per the terms of reference of the 18-member panel that also includes some private sector economists, the group is expected to review the current system of price collection and suggest changes of its improvement, and decide on the computation methodology for the WPI and the PPI.

For the PPI, the panel has been asked to suggest further improvements in the compilation and presentation formats that are under consideration, and, more importantly, recommend a roadmap for India to switch over from the WPI to the PPI. At a broader level, it may also suggest any other improvements as may be necessary for enhancing the reliability of the two indices.

“The Chairman of the Working Group may co-opt experts/ representatives of other agencies, as may be considered necessary,” the Ministry said. Apart from Mr. Chand, the panel includes eight officials from the Ministries of Statistics, Finance, Petroleum and Natural Gas, Agriculture, and Consumer Affairs. A Reserve Bank of India (RBI) representative and the Chief Executive Officer of the Goods and Services Tax Network have also been roped in.

From the private sector, Crisil chief economist Dharmakirti Joshi, Bank of America Merill Lynch economist Indranil Sengupta, and Kotak Mahindra Asset Management managing director Nilesh Shah, have been named as members of the working group.

Two other non-official members in the panel are PM’s Economic Advisory Council member Shamika Ravi, and economist Surjit Bhalla.

Union Minister of Planning, Statistics and Programme Implementation Rao Inderjit Singh said in reply to a question by Vijayawada MP Kesineni Sivanath in the Lok Sabha on Wednesday that Visakhapatnam was selected as one of the four ‘Growth Hub’ pilot sites in the country initiated by NITI Aayog.

The other three growth hubs are Mumbai metropolitan region, Varanasi and Surat.

He stated that the city regions identified as growth hubs would be developed on the basis of three key components, namely economic and investment plans, quality of life and inclusivity and sustainability plans. Specific economic plans have been developed for each of these economic regions.

NITI Aayog implements the initiative with the respective State governments and knowledge partners. The Visakhapatnam Economic Region, which has been selected for the said pilot project, includes Anakapalle, Vizianagaram, Srikakulam, Parvathipuram-Manyam, Alluri Sitharama Raju, Kakinada and East Godavari districts.

Asserting that achieving self-sufficiency in edible oils is a critical national priority for India, the NITI Aayog, in a report, has said that utilising one-third of the total rice fallow area (in the rabi season) across ten States for oilseed cultivation can increase the production of edible oils by 1.03 Million Tonnes (MT) and reduce India’s import reliance by 7.1%.

The report – ‘Pathways and Strategies for Accelerating Growth in Edible Oils Towards the Goal of Atmanirbharta’ – has also recommended increasing palm cultivation in the country for extracting palm oil to meet the cooking oil deficit.

The report also sought to increase the awareness among consumers so that they use the recommended quantity of edible oils. For this, it said that it is crucial to hold culinary workshops targeting chefs, homemakers, and influencers leveraging cooking shows to highlight versatility, and have public education emphasising the Recommended Dietary Allowance (RDA) of fats and oils, as established by the World Health Organization (WHO) and the National Institute of Nutrition (NIN).

“These initiatives support Sustainable Development Goals (Good Health and Well-Being), along with importance of understanding the financial implications of health expenditures which aim to reduce catastrophic health spending and ensure affordable access to health needs, including nutrition,” the report said.

The report said utilising just one-third of the total rice fallow area across ten States for oilseed cultivation has the potential to significantly enhance domestic production.

“Estimates suggest a potential increase of up to 3.12 MT in oilseed output. This statistic underscores the immense potential of these currently fallow lands. By implementing efficient management practices, these areas can be transformed into significant contributors to India’s overall agricultural output and play a crucial role in the nation’s journey towards edible oil self-sufficiency,” the report said, pointing out the the example of cultivation of linseed, sesame and mustard in Madhya Pradesh and Chhattisgarh that could increase the edible oil production to 0.85 MT.

“Similarly, Bihar and Jharkhand hold the potential to reach 0.62 MT by introducing linseed, sunflower, safflower, and mustard. West Bengal and Odisha also present promising opportunities. With groundnut, linseed, sesame, sunflower, safflower, and mustard cultivation, West Bengal’s production could rise to 0.68 MT, while Odisha’s output could reach 0.32 MT,” the report said.

The report has also recommended prioritising a strategic approach to horizontal expansion of oil palm cultivation in underutilised wastelands. “This strategy can be fostered through inclusive partnerships involving FPOs, FPCs, SHGs, etc., engaged in long-term contracts,” it added.

The per capita consumption of edible oil in the country has seen a dramatic rise, reaching 19.7 kilogram per year, the report said. “This surge in demand has significantly outpaced domestic production, leading to a heavy reliance on imports to meet both domestic and industrial needs. In 2022-23, India imported 16.5 MT of edible oils, with domestic production fulfilling only 40-45% of the country’s requirements. This situation presents a substantial challenge to the country’s goal of achieving self-sufficiency in edible oils,” the report added.

New Delhi:

West Bengal Chief Minister Mamata Banerjee alleged “political discrimination” at a key NITI Aayog meeting in Delhi held to allow states to present their concerns to the Prime Minister. Ms Banerjee was the only Chief Minister from a non-BJP ruled state who attended the meeting, as all other INDIA bloc leaders boycotted the event.

After storming out of the meeting, the Trinamool chief claimed that her mic was muted and she was allowed to speak for only 5 minutes.

“I said you (Centre) shouldn’t discriminate against state governments. I wanted to speak, but my mic was muted. I was allowed to speak only for 5 minutes, while people before me spoke for 10-20 minutes,” Ms Banerjee told reporters.

“I was the only one from the opposition who was participating but still, I was not allowed to speak. This is insulting,” she added.

Despite INDIA bloc Chief Ministers boycotting the meeting, Mamata Banerjee had said that she wanted to raise ‘political discrimination’ meted out to Bengal in the Union Budget.

The Centre though, refuted Ms Banerjee’s claims and said that her mic wasn’t muted.

“It is being claimed that the microphone of CM, West Bengal was switched off during the 9th Governing Council Meeting of NITI Aayog. This claim is Misleading. The clock only showed that her speaking time was over. Even the bell was not rung to mark it,” the Press Information Bureau said in a post on X (formerly Twitter).

It is being claimed that the microphone of CM, West Bengal was switched off during the 9th Governing Council Meeting of NITI Aayog#PIBFactCheck

This claim is #Misleading

The clock only showed that her speaking time was over. Even the bell was not rung to mark it pic.twitter.com/P4N3oSOhBk

— PIB Fact Check (@PIBFactCheck) July 27, 2024

Other Opposition leaders refused to attend citing the ‘raw deal’ meted out to them in the Union Budget. Tamil Nadu Chief Minister MK Stalin initiated the boycott, followed by Congress-ruled states like Himachal Pradesh’s Sukhwinder Singh Sukhu, Karnataka’s Siddaramaiah, and Telangana’s Revanth Reddy. The Aam Aadmi Party-led Punjab government, under Chief Minister Bhagwant Mann, and the Jharkhand and Kerala chief ministers, Hemant Soren and Pinarayi Vijayan respectively, have also decided to skip the event.

Prime Minister Narendra Modi at the 8th Governing Council meeting of Niti Aayog on the theme of ‘Viksit Bharat @ 2047: Role of Team India’ at the new Convention Centre in Pragati Maidan, New Delhi, Saturday, May 27, 2023. Image used for representative purpose only.
| Photo Credit: PTI

NITI Aayog’s 9th Governing Council meeting chaired by Prime Minister Narendra Modi began in New Delhi on July 27.

The meeting focuses on making India a developed nation by 2047. It aims to foster participative governance and collaboration between the Centre and state governments, enhancing the quality of life for both rural and urban populations by strengthening the delivery mechanisms of government interventions.

The council, the apex body of NITI Aayog, includes all state Chief Ministers, Lieutenant Governors of Union Territories, and several Union ministers. Prime Minister Modi is the chairman of NITI Aayog.

The meeting also focuses on recommendations of the 3rd National Conference of Chief Secretaries held in December last year.

During the conference, recommendations were made on five key themes — drinking water: access, quantity, and quality; electricity: quality, efficiency, and reliability; health: accessibility, affordability, and quality of care;schooling: access and quality and land and property: accessibility, digitization, registration, and mutation.

A vision document is being prepared to help India become a developed economy of $30 trillion by 2047, the 100th year of its independence.

In 2023, NITI Aayog was entrusted with the task of consolidating the 10 sectoral thematic visions into a combined vision for Viksit Bharat @2047.

The vision encompasses various aspects of development, including economic growth, social progress, environmental sustainability, and good governance, among other.

New Delhi:

Several Chief Ministers have gathered in New Delhi to attend a key NITI Aayog meeting. The meeting will be chaired by Prime Minister Narendra Modi, and all states will get the opportunity to present their concerns and pressing issues.

“The meeting under PM Modi’s leadership will address various state-specific concerns. Goa is actively participating and has also announced 10 percent reservations under the Agniveer scheme for uniformed services,” Goa Chief Minister Pramod Sawant said about the meeting.

The central theme for the meeting is “Viksit Bharat@2047,” focusing on envisioning India as a developed nation by the year 2047. The agenda includes discussing the approach paper for this vision document, with PM Modi presiding over the discussions.

While Chief Ministers from all BJP-ruled states will be present today, Opposition leaders have refused to attend citing the ‘raw deal’ meted out to them in the Union Budget. Among all states ruled by INDIA bloc parties, only West Bengal Chief Minister Mamata Banerjee will be attending the meeting.

Mamata Banerjee said she would be protesting against the political discrimination meted out to Bengal at the NITI Aayog meeting in Delhi on Saturday, July 27.

Ms Banerjee said she plans to protest against “political discrimination meted out to Bengal” during the meeting.

“They say the Budget shows cooperative federalism, but it is biased politicisation. The Budget is total deprivation of states. You can give some special package to your friends but you can’t deprive opposition states completely,” she asserted, adding that states have to be empowered.

Tamil Nadu Chief Minister MK Stalin initiated the boycott, followed by Congress-ruled states like Himachal Pradesh’s Sukhwinder Singh Sukhu, Karnataka’s Siddaramaiah, and Telangana’s Revanth Reddy. The Aam Aadmi Party-led Punjab government, under Chief Minister Bhagwant Mann, and the Jharkhand and Kerala chief ministers, Hemant Soren and Pinarayi Vijayan respectively, have also decided to skip the event.

New Delhi:

Deviating from the stand taken by her counterparts belonging to other parties in the INDIA alliance, West Bengal Chief Minister Mamata Banerjee has said she will attend the Niti Aayog general council meeting on Saturday because it is in the interest of her state, adding that she will raise the issues of all opposition-ruled states.

The Niti Aayog general council meeting is one of the few forums where state chief ministers get to meet not just the Prime Minister, who presides over the gathering, but also Union ministers.

The Trinamool Congress chief arrived in Delhi on Friday amid speculation about her cancelling her visit and skipping the Niti Aayog meeting in line with chief ministers of Congress-ruled states and others like Punjab’s Bhagwant Mann, Kerala’s Pinarayi Vijayan and Tamil Nadu’s MK Stalin. 

Stating that she had cancelled, but reconsidered on the advice of senior Trinamool Congress leader Abhishek Banerjee, who is also her nephew, the Bengal chief minister said the Union Budget had been brazenly politicised. 

“They say the Budget shows cooperative federalism, but it is biased politicisation. The Budget is total deprivation of states. You can give some special package to your friends but you can’t deprive opposition states completely,” she asserted, adding that states have to be empowered.

“Centre should only have external affairs, defence and internal security. Finance (is something) they have destroyed,” she claimed. 

‘Scrap Niti Aayog’

Ms Banerjee said that, during the meeting, she would raise the issue of West Bengal “not getting anything” in the Budget as well as the Rs 1.71 lakh crore her government claims the Centre owes the state. She also said it was time the Niti Aayog was scrapped and the Planning Commission was brought back.

“It (Niti Aayog) has no financial implications… The Planning Commission had worked well for India since Independence. It was mooted by Subhash Chandra Bose,” she said. 

On being asked if she was part of the opposition INDIA bloc, she said she was at the national level but the alliance was not needed in the state. “Trinamool Congress is enough to fight the BJP in West Bengal. Nationally, we are with INDIA,” she said.

In the Lok Sabha elections, she said the Congress had gained in states where regional parties are strong and credit should be given to both. She also predicted that, in the upcoming Assembly elections, the Uddhav Thackeray-led Shiv Sena faction, which is an INDIA ally, will win in Maharashtra, Congress will emerge victorious in Haryana and Hemant Soren of the Jharkhand Mukti Morcha would remain the Jharkhand chief minister. 

On Delhi Chief Minister Arvind Kejriwal, who is in prison in the liquor policy case, she said she was very concerned about him and others “targeted” by the BJP-ruled government at the Centre. “Only agencies and conspiracies cannot give you political results,” she said.

Ms Banerjee also met Mr Kejriwal’s wife, Sunita, on Friday evening. 

Jalandhar:

After being denied special status by the Centre, the Aam Aadmi Party (AAP)-led Punjab government has decided that Chief Minister Bhagwant Mann will not attend the NITI Aayog meeting to be chaired by Prime Minister Narendra Modi on July 27.

Mr Mann addressed a press conference on Wednesday where he listed the reasons behind boycotting the NITI Aayog meeting and said that Punjab has been denied special status and that’s why they are boycotting the meeting.

“Punjab should be given special status but it has been denied its rights. Our Rural Development Fund is being stopped. Tableau of Punjab is not being displayed on Republic Day. Our share of GST is not being given to us. In whole of the budget, there is no mention of Punjab. So why would we go there,” said Bhagwant Mann.

“We contribute 47 per cent to the food bowl and the ration provided to 80 crore people of India comes from Punjab. 30 per cent police are deployed towards national borders and working for national security still no budget is allocated. Prime Minister put the future of youth at stake just save his own future,” said Bhagwant Mann.

Notably, Mr Mann arrived in Jalandhar on Wednesday to meet people of Majha and Doaba regions for two days and address their issues as part of ‘Doabe Ch Sarkar Tuhaade Dwaar’ scheme.

Along with Punjab Chief Minister Bhagwant Mann, Jharkhand Chief Minister Hemant Soren and Kerala Chief Minister Pinarayi Vijayan are also expected to give the meeting a miss. However, as per reports, Mamata Banerjee and TMC’s Derek O’Brien will attend the meeting and “strongly use the platform to hold the Union government responsible” for Bengal’s legitimate dues.

Addressing the Telangana Legislative Assembly on Wednesday, Telangana Chief Minister Revanth Reddy said that his government would boycott the NITI Aayog meeting scheduled for July 27 in protest against the central government’s alleged injustice to the state in the allocation of funds in the Union Budget.

“As a mark of protest against the Central Government, we, the Telangana Government, are boycotting the NITI Aayog meeting to be held on July 27th. The Centre has violated the rights of Telangana. There is injustice to the state in the allocation of funds,” Mr Reddy said in the Assembly.

The Telangana chief minister also lashed out at the previous BRS government in the state and asked if former chief minister K Chandrashekar Rao would address a Deeksha protest along with him for the benefit of the Telangana state at Jantar Mantar in Delhi.

This came in as a response to a challenge made by BRS leaders KT Rama Rao and Harish Rao during a heated discussion in the Assembly about discrimination against Telangana in the Union Budget.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)