Plan to overhaul macro data collection criteria

The government has launched a major review of the existing system of macroeconomic data collection and computation methodology. The move comes amid criticism from several quarters, including leading statisticians, economists and global agencies, about India’s economic data, including the national income accounts.

As per a gazette notification dated June 27, a new 26-member advisory committee on national accounts statistics will not just undertake the customary base-year revisions for different sets of data, but would also advise the government on the “methodology for compilation and presentation of the National Accounts Statistics (Gross Domestic Product)”.