New Delhi, Feb. 12 -- Chief Economic Advisor Anantha Nageswaran on Thursday said that the Consumer Price Index, based on the revised base year, will improve the quality of monetary and fiscal policy decisions.

Talking at an event launching the new CPI series, the CEA said the new series now provides policymakers with a more up-to-date basis for assessing real incomes, consumption trends, and purchasing power.

"It is an important development because it will align us with the best practices that are possible in the world and we may even be going one step ahead of others in the way we will be collating, compiling and presenting key macroeconomic statistics and output and prices going forward," the CEA said. "The new CPI would help in bette...