Now that a new WPI series is being contemplated, how do you think the shift from weekly to monthly system will actually help the accuracy of WPI?
As far as the weekly WPI is concerned, the data received for the primary product is pretty good. The real problem is the data for manufactured products. We receive only 18-20 per cent of the data for manufactured products for the first weekly estimate that we release. So, if you are working with such low data, what kind of reliability one can expect from the data. Everybody, including the policy makers, reacts to the first set of provisional data. Only researchers look at the final data. So on one hand, you have a weekly WPI with questionable reliability. On the other hand, the monthly data will be much more reliable, but you will get it less frequently. So it is a trade-off between higher frequency but lesser reliability and lower frequency but higher reliability. Don’t you think there should be a single central agency for publishing statistical data? We are too large a country for such a system. Most other countries have centralised statistical systems, but they are almost one-tenth
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