New Delhi, June 15: The Ministry of Commerce and Industry on Monday said that it launched a revised Wholesale Price Index (WPI) series with 2022-23 as the new base year and reported wholesale inflation at 9.68 per cent in May.

The new WPI series replaces the existing 2011-12 base year series and is part of a broader overhaul of producer price measurement in the country.

Alongside the revised WPI, the government released new series of Output Producer Price Index (OPPI), Trial Input Producer Price Index (IPPI) and Service Producer Price Indices (PPI) for seven services.

According to the ministry, the transition towards producer price indices is aligned with global best practices and recommendations of the International Monetary Fund (IMF). The WPI series will continue to be released for five years to allow users sufficient time to transition to the PPI framework.

In addition, the All India WPI inflation rate for May stood at 9.68 per cent year-on-year, while the index for all commodities rose to 109.9.

Among major groups, inflation in primary articles accelerated to 4.99 per cent in May.

However, fuel and power inflation surged to about 30 per cent, while manufactured products inflation rose to 7.48 per cent during the same period.

The ministry said mineral oils, crude petroleum and natural gas, chemicals and chemical products, and basic metals were among the major contributors to wholesale inflation.

Moreover, the WPI Food Index recorded inflation of 4.49 per cent in May.

As part of the revision, the total number of items covered under the WPI basket has increased from 697 to 957.

The new series also incorporates renewable energy sources such as solar and wind power under the electricity category and includes nuclear electricity in the basket, the government said.

Meanwhile, the government has reorganised the energy basket by moving crude petroleum and natural gas from the primary articles group to fuel and power.

The revised methodology uses gross value of output (GVO) for deriving weights and introduces updated techniques for index compilation and treatment of missing price data.

The ministry said the new output PPI for all commodities stood at 109.6 in May, while the trial Input PPI for the manufacturing sector was recorded at 104.9.

New Delhi, June 15: Global crude oil prices declined by nearly 5 per cent on Monday after the United States and Iran reached an agreement and announced the reopening of the Strait of Hormuz, easing concerns over disruptions to global energy supplies.

The international oil benchmark Brent crude fell as much as 4.90 per cent to $83.05 per barrel in early trade, while US West Texas Intermediate (WTI) crude plunged 5.74 per cent to around $80 per barrel.

According to market experts, Asian equities surged at the start of the week as progress towards a US-Iran peace deal boosted global risk appetite, while US futures also traded firmly higher.

“Meanwhile, Brent crude oil declined sharply by more than 4 per cent towards the $83-per-barrel mark, easing inflation concerns and providing additional support to market sentiment,” they said.

US President Donald Trump announced on Truth Social that a deal with Iran had been completed. “The Deal with the Islamic Republic of Iran is now complete,” according to him.

In addition, he declared the reopening of the Strait of Hormuz, a crucial maritime chokepoint through which roughly one-fifth of the world’s crude oil supply passes.

“I hereby fully authorise the toll-free opening of the Strait of Hormuz and, simultaneously, the immediate removal of the United States naval blockade. Ships of the World, start your engines. Let the oil flow!” Trump wrote.

According to reports, the United States and Iran are expected to sign a memorandum of understanding in Switzerland on Friday.

The positive development lifted sentiment across global equity markets. Major Asian indices, including Japan’s Nikkei, Hong Kong’s Hang Seng, South Korea’s KOSPI and Indonesia’s Jakarta Composite, traded higher, with some markets gaining more than 5 per cent.

Back home, domestic equity benchmarks Sensex and Nifty also opened strongly, with both indices rising more than 1 per cent in early trade.

Nice/New Delhi, June 14: India has transformed from being a consumer of global solutions to a contributor of solutions for the world, Prime Minister Narendra Modi said on Sunday.

Speaking after inaugurating the ‘Bharat Innovates 2026’ event in Nice, France, PM Modi said India’s innovation ecosystem is rapidly expanding and increasingly playing a role in addressing global challenges through technology and entrepreneurship.

“India now acts as a solution contributor rather than a solution consumer,” the Prime Minister said.

The Prime Minister further stated that India is innovating at both speed and scale, with a focus on creating sustainable solutions that benefit not only its own citizens but also the global community.

“Bharat innovates with speed and scale. Bharat innovates for a sustainable future. Bharat innovates for the whole world,” PM Modi said while addressing the innovation-focused event, jointly inaugurated with French President Emmanuel Macron.

Emphasising India’s approach towards technological development, the Prime Minister said the country’s priority is “technology for humanity” and human-centric innovation.

He added that innovation is deeply embedded in India’s culture and way of thinking. “Innovation is in India’s DNA,” Prime Minister Modi explained.

The Prime Minister also praised the growing partnership between India and France, describing it as a relationship rooted in shared values, mutual trust and common interests.

He noted that cooperation between the two countries spans a wide range of sectors, from security and strategic affairs to sustainability and innovation.

“India-France partnership covers security to sustainability,” PM Modi said.

Macron, who shared the stage with PM Modi at the event, described the Prime Minister’s presence at ‘Bharat Innovates’ as a matter of great honour for France.

He also congratulated PM Modi on completing 12 years as India’s leader and praised his role in strengthening ties between the two countries.

The ‘Bharat Innovates’ event has brought together leading startups, venture capital funds, innovators and technology leaders from India, France and several other countries.