The Government will come out with revise Index of Industrial Production (IIP) and Wholesale Price Index (WPI) by the end of this year with a new base year of 2011-12. This will be done to make the indices more representative of the changing economic scenario.<br/><br/>Chief Statistician TCA Anant told in an interview to a news agency that IIP and WPI are due for revision and are under process at a very advanced stage. <br/><br/>The present indices of IIP and WPI have base year of 2004-05.<br/><br/>Mr Anant said, as part of the revision, the basket of items and weightage assigned to different entries on the basis of which indices is computed will be updated. He added that with the new series in place, both IIP and WPI will become more comparable with the GDP numbers than it is currently.<br/><br/>The National Statistical Commission has recommended to revise the base year of all economic indices every five years. Government had last revised these indices in 2011 with the base year of 2004-05.