Healthcare is not a major component of the CPI in India. The major components are Food and Beverages, Housing, Transportation, and Miscellaneous.

Food and Beverages have a weightage of 24.9% in the CPI basket, indicating its significant impact on the overall CPI.

Housing has the highest weightage (36.3%) in the CPI basket, reflecting its substantial contribution to household expenses.

Transportation and Communication have a weightage of 14.6% in the CPI basket, highlighting their importance in household expenditures.

Miscellaneous includes items such as clothing, footwear, personal care, and household goods, and has a weightage of 10.7% in the CPI basket.

The CPI is calculated using the formula: CPI = (Current Price of Goods and Services ÷ Base Year Price of Goods and Services) x 100.

The base year for calculating the CPI in India is 2012, which means that the prices of goods and services in that year are used as the reference point for measuring inflation.

The National Statistical Office (NSO) is responsible for compiling and publishing the CPI in India.

The CPI is released monthly in India, providing up-to-date information on inflation.

The CPI is significant in economic analysis as it measures the overall price level of goods and services, helps in determining the purchasing power of money, and is used to adjust wages and pensions for inflation.

The CPI has limitations such as not capturing changes in the quality of goods and services, being based on a fixed basket of goods and services, and not including imputed rents for owner-occupied housing.

Alternative measures of inflation include the Wholesale Price Index (WPI), Producer Price Index (PPI), GDP Deflator, and Personal Consumption Expenditures Price Index (PCEPI).

The CPI affects monetary policy as central banks use it to set interest rates, determine the inflation target, and assess the effectiveness of their monetary policy.

The CPI affects fiscal policy as governments use it to adjust tax brackets, determine the cost-of-living adjustments for social security benefits, and set minimum wages.

Challenges in measuring inflation accurately include substitution bias, quality change bias, and outlet bias.