a) What is the principle of market basket approach used for calculating price indexes in India?. What are the main three price indexes used in the country? b) Prof Subbarao has joined the NIMS in 2017. His nominal salary was fixed at 82000 in the year 2017. He has been associated with NIMS for last 5 years and now in 2022 he draws a nominal salary of 189000. The CPI_IW of 2017 is 219 (base-year 2001-01-100) and the CPI_IW of 2022 (base year 2001-100) is 330. Please let me know if inflation indexed wage is applicable to Prof Subbarao. Based on your calculation is he gaining or loosing due to price effect.