India will continue to release its Gross Domestic Product (GDP) figures on a quarterly basis, despite growing calls for more frequent data updates. The country’s Ministry of Statistics and Programme Implementation (MoSPI) has stated that the current schedule of quarterly GDP releases is in line with international standards and provides a comprehensive picture of the economy’s performance.
Source:- bbc news
Proponents of more frequent updates argue that monthly data could offer more timely insights into economic trends, helping policymakers respond swiftly to emerging challenges. In particular, frequent data releases are seen as crucial in times of economic volatility, such as during the COVID-19 pandemic or global financial shocks, when rapid changes can occur in key sectors like manufacturing, services, and agriculture.
Source:- bbc news
However, government officials and economic experts have voiced concerns that moving to monthly GDP updates could lead to volatility in the data, as short-term fluctuations might not accurately reflect long-term economic trends. They also argue that preparing accurate and reliable GDP estimates requires careful data collection, which is more feasible on a quarterly basis.
India already tracks a variety of economic indicators on a monthly basis, including industrial production, inflation, and trade data, which policymakers use to supplement the quarterly GDP numbers. MoSPI officials maintain that the existing framework strikes a balance between timeliness and accuracy, ensuring that economic data is both reliable and reflective of broader trends.
The government has reiterated that while it will explore new ways to improve data transparency and timeliness, quarterly GDP releases will remain the norm for the foreseeable future, ensuring consistency with global practices and allowing for careful analysis of economic performance.
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