Government has begun a large scale exercise to overhaul the system of collecting key statistics of important economic data including inflation, industrial production, consumption and employment.
To restore the credibility of such official economic data five committees have been set up to review data for GDP estimates.
The GDP estimation will provide mechanisms to ensure data integrity and come up with industry-wise and geography-wise disaggregated data.
The committee on financial sector statistics is headed by Ravindra Dholakia, a member of the newly constituted Monetary Policy Committee.
These committees are expected to cover the requirement of statistics for estimation of GDP, data governance for quality, timelines and credibility of collected data and derived estimates.
“The exercise will provide data integrity and audit trials of a National Statistical System,” the Ministry of Statistics and Programme Implementation said in a directive.
The exercise, according to National Statistical Commission Chairman RB Barman, will make monitoring the performance evaluation of data more effective.