India is likely to be hit by a recession in June. Union Minister for Micro, Small, and Medium-Sized Enterprises Narayan Rane stated that the Centre worked to manage the country's recession and minimize its impact effectively.
When the gross domestic product (GDP) declines for two or more consecutive quarters, an economic recession occurs. High unemployment, poor consumer expenditure, and decreased company activity are typical characteristics.
"There is a worldwide recession that is present in many nations. I have learned this from listening to the discussions during Union government sessions. India is anticipated to experience the recession after June, "Rane stated following his opening remarks at the two-day G20 Infrastructure Working Group (IWG) conference in Pune. "Even if the BJP is associated with the G20's lotus symbol, I am fine with that. Sustainable development is represented by the lotus by the BJP, "Added Rane.
According to government data released on Monday, the annual wholesale price index (WPI) inflation rate for India for December 2022 decreased to 4.95%, a 22-month low primarily due to lower prices for food items and crude oil. The Wholesale Price Index (WPI) inflation was 5.85% in November 2022 and 14.27% in December 2021.
The Wholesale Price Indicator (WPI) is an index that tracks changes in wholesale product prices. It gauges the typical shift in the level of a basket of products and services transacted between producers and big-ticket buyers. The prices of a standard basket of wholesale products and services are considered while calculating the WPI.
The cost of various household goods and services is monitored by the Consumer Price Index (CPI). It determines the precise change in price for household purchases of consumer goods and services. The WPI, in contrast, assesses the average disparity in price between the commodities and services produced by producers.
The main difference between WPI and CPI is that WPI measures the average change in prices of goods and services that manufacturers sell. In contrast, the CPI measures the average change in prices of goods and services that households purchase for consumption.
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