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With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements:
- Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers.
- It is used to determine the dearness allowance of employees in both the public and private sectors.
- It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).
Which of the statements given above is/are correct?
- a)1 and 2 only
- b)2 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
With reference to Consumer Price IndexIndustrial Workers (CPI-IW), con...
Statement 1: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers.
The Consumer Price Index for Industrial Workers (CPI-IW) is a measure of the average change over time in the prices of a fixed basket of goods and services consumed by industrial workers. It is used to measure changes in the cost of living and to determine the dearness allowance of employees in both the public and private sectors. The CPI-IW covers a wide range of commodities including food, beverages, clothing, housing, fuel, and other miscellaneous items. Therefore, statement 1 is incorrect.
Statement 2: It is used to determine the dearness allowance of employees in both the public and private sectors.
The dearness allowance (DA) is a cost of living adjustment allowance paid to employees as a percentage of their basic salary to offset the impact of inflation. The CPI-IW is used as a benchmark to calculate the DA for employees in both the public and private sectors. The government periodically revises the DA based on changes in the CPI-IW to ensure that employees' salaries keep up with the rising cost of living. Therefore, statement 2 is correct.
Statement 3: It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).
The CPI-IW is not published annually; it is released on a monthly basis. The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) is responsible for compiling and releasing the CPI-IW. The index is based on the data collected from selected industrial centers across the country, and the results are published monthly. Therefore, statement 3 is incorrect.
In conclusion, only statement 2 is correct. The CPI-IW includes services consumed by industrial workers, and it is used to determine the dearness allowance of employees in both the public and private sectors. However, it is not published annually; it is released on a monthly basis by the Office of the Economic Adviser, DPIIT.
The Consumer Price Index for Industrial Workers (CPI-IW) is a measure of the average change over time in the prices of a fixed basket of goods and services consumed by industrial workers. It is used to measure changes in the cost of living and to determine the dearness allowance of employees in both the public and private sectors. The CPI-IW covers a wide range of commodities including food, beverages, clothing, housing, fuel, and other miscellaneous items. Therefore, statement 1 is incorrect.
Statement 2: It is used to determine the dearness allowance of employees in both the public and private sectors.
The dearness allowance (DA) is a cost of living adjustment allowance paid to employees as a percentage of their basic salary to offset the impact of inflation. The CPI-IW is used as a benchmark to calculate the DA for employees in both the public and private sectors. The government periodically revises the DA based on changes in the CPI-IW to ensure that employees' salaries keep up with the rising cost of living. Therefore, statement 2 is correct.
Statement 3: It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).
The CPI-IW is not published annually; it is released on a monthly basis. The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) is responsible for compiling and releasing the CPI-IW. The index is based on the data collected from selected industrial centers across the country, and the results are published monthly. Therefore, statement 3 is incorrect.
In conclusion, only statement 2 is correct. The CPI-IW includes services consumed by industrial workers, and it is used to determine the dearness allowance of employees in both the public and private sectors. However, it is not published annually; it is released on a monthly basis by the Office of the Economic Adviser, DPIIT.
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With reference to Consumer Price IndexIndustrial Workers (CPI-IW), con...
- Consumer price Index - Industrial Workers (CPI- IW) is the oldest among the CPI indices as its dissemination started as early as 1946. The history of compilation and maintenance of the Consumer Price Index for Industrial workers owes its origin to the deteriorating economic condition of the workers post world war which resulted in a sharp increase in prices.
- Consumer Price Index Numbers for Industrial workers measure a change over time in prices of a fixed basket of goods and services consumed by Industrial Workers. CPI-IW also includes selected services and is measured on the basis of retail prices. The target group is an average working-class family belonging to any of the seven sectors of the economy- factories, mines, plantation, motor transport, port, railways and electricity generation and distribution. Hence, statement 1 is not correct.
- Consumer Price Index for Industrial Worker (CPI-IW) with the base year 2016, is being compiled and maintained by Labour Bureau, an attached office of Ministry of Labour & Employment. The index has a time lag of one month and is released on the last working day of the month (monthly). Hence, statement 3 is not correct.
- The CPI-IW is the single most important price statistics, which has financial implications. It is primarily used to regulate the dearness allowance of government employees and the workers in the industrial sectors. It is also used in fixation and revision of minimum wages in scheduled employments besides measuring the inflation in retail prices. Hence, statement 2 is correct.
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With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers. It is used to determine the dearness allowance of employees in both the public and private sectors. It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
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With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers. It is used to determine the dearness allowance of employees in both the public and private sectors. It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers. It is used to determine the dearness allowance of employees in both the public and private sectors. It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers. It is used to determine the dearness allowance of employees in both the public and private sectors. It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers. It is used to determine the dearness allowance of employees in both the public and private sectors. It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers. It is used to determine the dearness allowance of employees in both the public and private sectors. It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Consumer Price IndexIndustrial Workers (CPI-IW), consider the following statements: Consumer Price Index for Industrial Workers does not include services consumed by Industrial Workers. It is used to determine the dearness allowance of employees in both the public and private sectors. It is published annually by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT).Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
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