New Delhi, Jan. 2 -- The government on Thursday set up a committee of experts to reset the base year of the current series of Wholesale Price Index (WPI) in an effort to make the measure of factory-gate inflation more accurate. This, in turn, will make India's estimation of economic output adjusted for inflation more precise.

An official statement issued by the commerce and industry ministry said the 18-member panel led by NITI Aayog member Ramesh Chand will advise on a proposal to change the base year of WPI from 2011-12 to 2022-23 reflecting the structural changes in the economy over the years.

The government also signalled its intention to transition from WPI, which covers goods but not services, to a more comprehensive producer pric...