The WPI Index was 122.2 in February, 2020, just before the abrupt shutdown ordered by Modi in March 2020. During the 3 month shutdown, it dipped briefly to a low of 117.5 in May, 2020. But by August 2020, the index had recovered to 122 again. Sarkari economists have been explaining away the sharp rise in WPI in terms of a mythical “base effect.” That is simply not true, especially since January, 2021, when the index stood at 126.5.
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