Economists Urge MoSPI to Reduce Time Lag in Macro Economic Data Release

Economists and forecasters have suggested that the Ministry of Statistics and Programme Implementation (MOSPI) reduce the lag in releasing macro economic data like GDP. At a recent meeting, they emphasized the need for timely, accurate data for better investment, business, and policy decisions. Usage of advanced technologies was recommended for improved data governance. Various suggestions including regular Household Consumption Expenditure Surveys and better data consistency were discussed.

Economists are urging the Ministry of Statistics and Programme Implementation (MOSPI) to reduce the time lag for releasing crucial macroeconomic data, such as GDP, citing it as essential for investment, business, and policy decisions.

Ministry officials met with GDP and CPI forecasters and economists on September 24, 2024, in Mumbai to gather suggestions for enhancing the robustness of key economic indicators.

Nilesh Shah, a member of the EAC-PM and MD of Kotak Mahindra Asset Management Company Ltd, stressed the importance of improving data accuracy and reducing release time lag. Similarly, Ajay Seth, Secretary of the Department of Economic Affairs, emphasized the need for timely and consistent data for clearer investment and business decisions. He also advocated for the use of advanced technologies to enhance data governance.

The meeting saw enthusiastic participation, leading to several key recommendations. These included exploring the compilation of Core Inflation for uniform understanding, conducting frequent Household Consumption Expenditure Surveys for regular revisions of the Consumer Price Index, and ensuring better data coverage in the revised CPI series. Attendees also requested frequent interactions to understand methodologies of data collection in education, health services, and housing index.

(With inputs from agencies.)