"We are in the process of seeking formal approval of the cabinet secretariat for the index. We are ready to release it next month,” Department of Industrial Policy and Promotion Secretary R.P. Singh told reporters during a joint briefing by senior secretaries of various ministries.

The new wholesale price index (WPI) series will have 2004-05 as the base year and will track price changes in 678 items compared to the current 425.

He said the list has already been examined by a committee of secretaries and various other expert bodies and they all have approved it and it is now awaiting cabinet secretary's formal approval.

Earlier, Singh along with Cabinet Secretary K.M. Chandrashekhar, Finance Secretary Ashok Chawala, Revenue Secreatry Sunil Mitra, Commerce Secretary Rahul Khullar, Agriculture Secretary Prabeer Kumar Basu held discussions with the captains of industry on how India can achieve a sustainable growth rate of 10 percent by 2014 at a conclave organised by the Confederation of Indian Industry.