The government has revised the base year of wholesale price index (WPI) and index of industrial production (IIP) to 2011-12 from 2004-05, it was announced on Friday.
WPI has been changed six times so far since 1942 and this happens to be the 7th revision.
"The new series of WPI will provide a more accurate picture," Department of Industrial Policy and Promotion Secretary Ramesh Abhishek said at a press conference here.
A significant change in WPI new series is that prices used for compilation do not include indirect taxes in order to remove the impact of fiscal policy, he said.
The IIP base year has also been changed to ensure that it remains more relevant in the years that it is operational, Chief Statistician of India TCA Ananth said at the joint briefing.
"The objective is to converge more in line with the current consumption and production pattern of the country," he said, adding that the DIPP and Ministry Of Statistics and Programme Implementation coordinated closely for the change.