India's Statistics Ministry Moves GDP Data Release to June for Enhanced Accuracy
Statistics ministry pushes GDP data release to June to improve accuracy
The Economic Times
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India's Ministry of Statistics and Programme Implementation has shifted the release date for provisional GDP estimates and fourth-quarter GDP data to June 7 each year. This change aims to improve data accuracy by allowing more time for the collection of key financial information from companies and the government.
- 01Provisional GDP estimates will now be released on June 7 each year.
- 02The change follows consultations with the Advisory Committee on National Accounts Statistics.
- 03Many companies submit financial data close to the May 31 deadline, affecting accuracy.
- 04The revision aims to enhance the quality and robustness of national accounts data.
- 05This aligns with international best practices for data compilation.
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The Ministry of Statistics and Programme Implementation in India has revised the release schedule for provisional gross domestic product (GDP) estimates and fourth-quarter GDP data to June 7 each year, or the previous working day if it falls on a holiday. This change, effective from the last working day of May, was made after consultations with the Advisory Committee on National Accounts Statistics (ACNAS). The ministry noted that many datasets, particularly those from listed companies, are often submitted close to the May 31 deadline, leading to potential inaccuracies in the data. By allowing additional time for data collection, the ministry aims to enhance the quality, coverage, and robustness of national accounts data. This revision is also in line with international best practices for statistical data compilation.
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This change will likely lead to more accurate GDP figures, which can influence economic policy and investment decisions.
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