1.Whole Sale Price Index
The WPI measures the price of a representative basket of wholesale goods. In India, this basket is composed of three groups: Primary Articles (20.1% of total weight), Fuel and Power (14.9%) and Manufactured Products (65%).
WPI numbers are typically measured weekly by Dept of Industrial policy and promotion - Ministry of Commerce and Industry.
Base year to calculate WPI – 2004-05.
2.Special Economic Zone
The prime objective was to enhance foreign investment and provide an internationally competitive and hassle free environment for exports. The idea was to promote exports from the country. SEZ has following featuers:
1. No license required for import.
2. Manufacturing, trading or service activities allowed.
3. SEZ units to be positive net foreign exchange earner within three years.
4. Domestic sales subject to full customs duty and import policy in force.
5. Full freedom for subcontracting.
6. Duty-free goods to be utilized over the approval period of 5 years.
7. No routine examination by customs authorities of export/import cargo.
3.”Self Selection “ in WTO
There is no agreed definition of what is a “developed” or a “developing” Member in the WTO. It is up to each Member to decide if it is to be considered “developing Member” or not. This is known as self selection. However, other Members can challenge the decision of a Member to be considered as a developing Member.