No systematic bias in inflation forecasts, says RBI deputy governor

RBI Deputy Governor Poonam Gupta on Wednesday said there is no "systematic bias" in the central bank's inflation forecasting. Gupta said the central bank uses a variety of models and expert discussions to arrive at its inflation forecasts. RBI relies on a balanced synthesis of robust econometric analysis, contemporary economic conditions, and forward-looking sectoral perspectives in preparing its projections, she added. The Indian economy has been a high growth economy that has exhibited both resilience and agility. Our statistical offerings, data and techniques must keep pace with an economy that is growing and evolving rapidly. She concluded by saying that regularly updating and revising the existing data series, as well as constructing new ones, is essential to capture ongoing transformations.

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