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DEVELOPMENT OF ECONOMIC STATISTICS IN INDIA by Rajesh Kumar Sharma Director, Central Statistics Office Government of India FIFTH MEETING OF THE STEERING GROUP FOR THE REGIONAL PROGRAMME ON ECONOMIC STATISTICS (SGRPES) UN ESCAP, BANGKOK 5-6 MAY, 2016 NATIONAL STATISTICAL SYSTEM National Statistical Commmission CENTRE STATES STATES Ministry of Statistics & Programme Implementation National Statistical Commission Reserve Bank of India Central Statistics Office (CSO) National Sample Survey Office (NSSO) National Statistical Systems Training Academy (NSSTA) Computer Centre Various Other Ministries Directorate of Economics & Statistics 1 RECENT PROGRESS IN ECONOMIC STATISTICS AT NATIONAL LEVEL New Series of National Accounts Statistics with base year 2011-12 as per the guidelines of SNA 2008 6th Economic Census reports released Latest counts of all establishments engaged in economic activities including unorganized sector Synchronised with Population Census 2011 Services Price Indices revised for Banking, Railways, Air, Telecom and Postal Service House Price Index with base year 2011-12 released for monitoring the price movement of asset class Inter Ministerial Committee set up on Data exchange and developing an integrated statistical database deliberated on issues related to metadata standards, data dissemination, classifications etc. Conference of Central and State Statistical Organisations (COCSSO), and Seminars with Academia held for enhancing capacity of states and encouraging research on official statistics STATUS OF CORE ECONOMIC STATISTICS Core Indicators PricePrice and Costs and Costs Demand and Demand and Output Output Consumer price index (CPI) Producer price index (PPI) Commodity price index External merchandise trade price indices Wages / Earnings data Labour costs index / Wage index GDP (production) nominal and real GDP (expenditure) nominal and real External trade - merchandise External trade - services Short-term indicators (STI) - industry output STI - services output STI - consumer demand STI - fixed investment STI - inventories Economic structure statistics Productivity RPES recomm. Status Quarterly Quarterly Monthly Monthly Monthly Monthly Monthly Quarterly Other (Monthly for Rural sector) Annually Quarterly Quarterly Monthly Monthly Monthly Quarterly/Others Other Quarterly Other Other Other Quarterly Quarterly Quarterly Quarterly Monthly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Every 5 years Annually 2 STATUS OF CORE ECONOMIC STATISTICS Core Statistics Income and Wealth Income and Wealth Money and Banking Money and Banking Government Government LabourLabour Market Market Natural Resources and Natural Resources and Environment Environment RPES Recomm Status Annually Annually Quarterly Annually Quarterly Every 5 years Annually Annually Quarterly Quarterly Quarterly Other Assets / liabilities of depository corporations Broad money and credit aggregates Interest rate statistics General government operations General government debt Labour supply and demand Hours worked Monthly Monthly Monthly Quarterly Quarterly Annually Quarterly Fortnightly Fortnightly Weekly Monthly Monthly Other Annual Natural resources Annually Annually Integrated national accounts Institutional sector accounts Balance of payments (BOP) International investment position (IIP) External debt Income distribution CHALLENGES AHEAD …. Dynamic upgradation of Frame Availability of all relevant Economic Statistics and Indicators at State, District, and Village Level Generation of Economic Statistics assessing the requirement of users Effective Collaboration beyond boundaries …moving from milestone to milestone 3 MILESTONES PLANNED IN 2016-17 Release IIP and WPI with revised base year 2011-12 Mainstream data collection on services sector through Annual Survey of Services Ensure Data Quality standards through Common Minimum Meta Data Indicators based on DQAF of IMF Disseminate Economic Statistics through National Factsheet Simplify National Data Dissemination Policy Use of upgraded technology to improve timeliness of data availability THANKS 4