IMF assigns India's national accounts statistics a 'C' grade - the second lowest grade

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It is to be noted that it is the second lowest grade.

IMF cited following reasons:

National Accounts ( Grade - C ):

 (i) an outdated base year (2011/12), 

(ii) use of wholesale price indices as data sources for deflators due to the lack of producer prices indices, and excessive use of single deflation, which may introduce cyclical biases, 

(iii) at times sizable discrepancies between production and expenditure approaches, that may indicate the need to enhance the coverage of the expenditure approach data and the informal sector, and 

(iv) lack of seasonally adjusted data and room for improvement of other statistical techniques used in the quarterly national accounts compilation.

Price Statistics ( Grade - B ):

Outdated CPI base year, items basket, and weights

Government Finance Statistics ( Grade - B ):

Consolidated central and state government fiscal data have not been published since mid-2019 (covering outturns for FY2015-16), and consolidated general government data, which would include local government and extrabudgetary funds, are not compiled.

External Sector Statistics ( Grade - B ):

On the external sector statistics, coverage, frequency and timeliness are adequate, while granularity and consistency present room for improvement.

Monetary and financial sector statistics ( Grade - B ):

In particular, there are limited data provided on NBFCs, households, and systemwide financial interconnectedness. 

Reported Financial Soundness Indicators (FSI) data use outdated reporting forms that lack granularity and could be upgraded based on FSI 2019 Guidelines. Banking sector data are available with a lag of about three quarters, which is behind some other emerging and advanced economies.  

NOTE: Criteria for ranking:

Grade

Criteria

A

The data provided to the Fund are adequate for surveillance.

B

The data provided to the Fund have some shortcomings but are broadly adequate for surveillance.

C

The data provided to the Fund have some shortcomings that somewhat hamper surveillance

D

The data provided to the Fund have serious shortcomings that significantly hamper surveillance

The IMF on Wednesday reclassified India's exchange rate regime as a "crawl-like arrangement" from "stabilised".

The Hindu


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