NEW DELHI: Since macroeconomic data such as GDP is crucial for business, investment, and policy choices, economists have recommended that the Ministry of Statistics and Programme Implementation (MOSPI) shorten the period between when it releases such statistics.

On September 24, 2024, in Mumbai, representatives from the ministry of statistics and program implementation met with economists and forecasters of the CPI and GDP to get their recommendations on strengthening the important macroeconomic data.

Nilesh Shah, MD, EAC-PM member Kotak Mahindra Asset Management Company Ltd. recommended that MoSPI search for ways to make improvements in order to guarantee data accuracy and shorten the publication delay.

Ajay Seth, Secretary of the Department of Economic Affairs, echoed similar views when he proposed that timely and consistent data be made available for improved decision-making in business, investment, and policy.

He emphasized the need to deploy cutting-edge technology to improve data governance.

The delay in releasing GDP figures might be minimized. The release window for these indices may be adjusted to provide consumers enough time to analyze them that same day, according to a ministry statement.

The economists and forecasters participated enthusiastically in the open house debate.

Important recommendations surfaced from the conversation.

It was advised that MoSPI look into compiling core inflation data in order to have a consistent understanding of core inflation.

They also recommended that in order to guarantee regular base revisions of the Consumer Price Index and other macroeconomic indicators, periodic Household Consumption Expenditure Surveys be carried out.

Users also asked for the availability of older indices for chain-linking.

They recommended making an effort to lessen the difference between the GDP estimates from the two methods.

They said that it is possible to investigate the possibility of improved service coverage in the updated CPI series.

According to the ministry, a request for regular exchanges of this kind was also made in order to comprehend the methods used in the gathering of data for the housing index, health services, and education.