Which of the following brings out the ‘Consumer Price Index Number for the Industrial Workers’?
Correct Answer :
The Labour Bureau
Solution :
The correct option is The Labour Bureau.
The Consumer Price Index for Industrial Workers (CPI-IW) is a critical economic indicator in India that measures the changes over time in the general level of prices of a fixed basket of goods and services consumed by industrial workers.
This index is compiled and released on a monthly basis by the Labour Bureau, an attached office under the Ministry of Labour and Employment, Government of India. The primary purpose of CPI-IW is to regulate the dearness allowance (DA) of government employees and workers in industrial sectors, reflecting the impact of inflation on their cost of living.
Here is a brief overview of why the other options are incorrect:
1. The Reserve Bank of India (RBI): While RBI is India's central bank and monitors inflation closely to formulate monetary policy, it does not compile or publish the CPI-IW.
2. The Department of Economic Affairs: This department under the Ministry of Finance focuses on economic policies, budgeting, and macroeconomics, but does not publish specific price index data.
3. The Department of Personnel and Training: This department handles recruitment, training, career development, and staff welfare of government servants, and has no role in compiling economic or statistical indices.
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