Need to capacitate Mospi to integrate all required statistics: Eco Survey

Recognising that a sound and dynamic statistical system is the cornerstone for an informed citizenry, data-driven policies, and decision-making, the Economic Survey 2023-24 calls for strengthening the statistical system by fully capacitating the Ministry of Statistics and Programme Implementation (Mospi) so that it can produce and integrate all required statistics with the desired quality, regularity, and timeliness.

“Given India’s 2047 goals, it is important for development policy that the quality and timeliness of administrative and transactional data of the line ministries are brought to levels that fully facilitate timely course corrections,” it notes.

The survey notes that official statistics play a pivotal role in addressing societal challenges and promoting inclusive growth, and the government is taking many steps aimed at strengthening administrative and survey statistics, building capacities, and improving data quality and timeliness.

“MoSPI is the nodal ministry for the planned and integrated development of the Indian statistical system. Modern information technology (IT) tools are being adopted for improved data capturing and processing. To encourage greater use of administrative data, a National Metadata Structure is also being developed. The Unified Data Portal project has been envisaged by MoSPI with the objective of creating a centralised database and storage system. Ministries are also taking initiatives to enhance the frequency of various surveys to make more informed policy decisions,” the survey noted.

The survey also takes note of the exercise for base revision of important economic statistics being undertaken by MoSPI and the ongoing efforts to construct the producer price index for goods and services.

“The ongoing efforts to construct the producer price index for goods and services may be expedited to have a greater grasp of episodes of cost-push inflation,” it notes.

Besides, the survey also calls for making the granular goods and services tax (GST) data available, as more than 13 million entities are registered under GST and file returns.

“The granular GST data, if made available, has great potential to analyse the health of businesses, screen loan applications, provide support for cash flow-based lending, and understand the economies of different geographies deeply,” it notes.

It also calls for having a regular mechanism to aggregate the financial flows to infrastructure and physical progress—sectorally and geographically differentiated in different infrastructure sectors, at least on an annual basis.