In the context of Wholesale Price Index (WPI) in India, under the Primary Articless group, what is the approximate weight of Food Articles in WPI ?

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Q: 38 (IES/2008)
In the context of Wholesale Price Index (WPI) in India, under the Primary Articles’s group, what is the approximate weight of ‘Food Articles’ in WPI ?

question_subject: 

Economics

question_exam: 

IES

stats: 

0,17,53,15,17,19,19

keywords: 

{'wholesale price index': [0, 0, 5, 1], 'food articles': [0, 0, 2, 1], 'approximate weight': [0, 0, 1, 0], 'primary articles': [0, 0, 2, 0], 'wpi': [0, 0, 4, 1]}

The Wholesale Price Index (WPI) in India is a measure of the average change in prices of goods and services in the wholesale market. It is divided into various groups, one of which is the Primary Articles group. This group includes commodities like food articles, crude oil, minerals, and non-food articles.

The question specifically asks about the weight of `Food Articles` under the Primary Articles group in the WPI. The correct answer is option 2, which is 15.

The weight of a particular sub-group in the WPI indicates its significance or contribution to the overall index. In this case, `Food Articles` has a weight of 15, which means it carries a considerable importance in the calculation of the WPI. This suggests that changes in prices of food articles will have a noticeable impact on the overall WPI.

It is important to note that the answer provided is approximate, and the actual weight of `Food Articles` in the WPI may vary slightly over time due to changes in consumption patterns and market dynamics.