Author(s): Dr. N. B. Chaphalkar, Ms. Sayali S. Sandbhor
Published in: International Journal of Engineering Research & Technology
License: This work is licensed under a Creative Commons Attribution 4.0 International License.
Volume/Issue: Vol.1 - Issue 3 ( May- 2012)
For defining economy of the country, units contributing to it viz. goods and services traded in the economy are supervised indicated through various indices drafted by concerned authorities on the basis of retail, wholesale or producer prices of the goods. Indian economy follows wholesale price indices (WPI) compiled at national level which is a measure of wholesale price movement for the economy. Escalation with reference to construction industry is one of the major dispute prone clauses. Standard Indian construction contract conditions provide for calculation of escalation amount for materials using relevant WPI. Amount of change in WPI over a span of time affects the amount of escalation calculated. This paper studies the current structure of calculation of wholesale price index, identifies construction materials considered in the commodity basket, variation in WPI of these materials and its effect on arriving at escalation amount.
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