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FinMin nudges ministries to use PPI for rate adjustments in govt contracts
The finance ministry has nudged all ministries and departments to move to Producer Price Index (PPI), from the current Wholesale Price Index (WPI), for rate escalation and adjustment clauses in future government procurement contracts. The Department of Expenditure, in a communication to all ministries and departments, said that PPI is a more internationally accepted index compared to WPI used in government contracts to define price escalation. For the first time, the commerce ministry has start…
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