MoSPI conducting new surveys to improve economic data: Secretary Saurabh Garg
MoSPI is conducting new surveys, including one on cooperatives, to improve India's economic data, Secretary Saurabh Garg said. He expressed confidence in the country's growth trajectory after GDP expanded 7.8% in the first quarter, while highlighting inflation concerns, gaps in measuring household work and care activities, and methodological improvements to national accounts.
New Delhi: The Ministry of Statistics and Programme Implementation (MoSPI) is carrying out fresh surveys, including one focused on cooperatives, to refine economic data and pinpoint areas requiring enhancement in India's statistical framework, according to Saurabh Garg, the ministry's Secretary, disclosed on Friday. Garg elaborated on these initiatives during the Pathways to Viksit Bharat event.
In discussing statistical work, Garg referenced the Index of Service Production, underscoring MoSPI's commitment to refining measurements. He affirmed India's consistent economic growth, noting that the nation has maintained a growth rate of 7-8 percent over the past three years, with GDP expanding by 7.8 percent in the first quarter of the current fiscal year. Garg expressed confidence in these figures, asserting their robustness in the future.
Regarding the upcoming second-quarter growth figures, Garg declined to provide specific predictions but reiterated his confidence in sustained growth based on India's performance over the preceding three years. He acknowledged inflation as a persistent concern, but credited government interventions for keeping inflation within reasonable bounds. He emphasized the ongoing efforts by various agencies to minimize the impact of inflation on the general public and citizens.
Garg stressed the importance of complementing GDP with other indicators to gain a comprehensive view of the economy. While GDP serves as a valuable measure of economic activity, Garg highlighted the need to improve the assessment of non-market activities, such as the care economy and household work, which are underrepresented in conventional GDP calculations.
He emphasized the necessity of supplementing GDP with additional data points and indicators to address social issues and ensure a more holistic understanding of the nation's economic landscape.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
