Two major measures for inflation, which are widely used, are Wholesale Price Index (WPI) and Consumer Price Index (CPI).
WPI measures the increase in the prices of a fixed basket of goods prevailing in the wholesale market while CPI measures the increase in the prices of essential commodities purchased by an average consumer prevailing in the retail market. Measured weekly, WPI is the primary inflation measure in India.
By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy.
The Government of India issued an ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969') and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969.