With reference to India, consider the following Statements: 1. The Wholesale Price Index (WPI) in India is available on a monthly basis only 2. As compared to Consumer Price Index for Industrial Workers (CPI (IW)), the WPI gives less weight to food articles. Which of the statements given above is/are correct?

The correct answer is Option 3 (Both 1 and 2) because both statements accurately reflect the statistical and structural framework of inflation indices in India.

• Statement 1 is correct: Since 2012, the Office of the Economic Adviser (Ministry of Commerce and Industry) has transitioned the release of the Wholesale Price Index (WPI) from a weekly to a monthly basis. While primary articles and fuel were released weekly in the past, the comprehensive index including manufactured products is now officially compiled and released only once a month.
• Statement 2 is correct: There is a significant difference in the weightage of food between the two indices. In the CPI (IW), the weightage for the 'Food and Beverages' group is approximately 39% (2016 base year). In contrast, the weight of 'Food Articles' in WPI is much lower at around 15% (2011-12 base year). Even if 'Manufactured Food Products' are included, the total weight remains lower than that in the CPI (IW).

Therefore, since both statements are factual, Option 3 is the right choice.