Overview of RBI’s New Surveys for Monetary Policy Inputs On April 29, 2024, the Reserve Bank of India (RBI) introduced two significant surveys, the ‘Inflation Expectations Survey of Households (IESH)’ and the ‘Consumer Confidence Survey (CCS),’ to gather crucial data for the upcoming bi-monthly monetary policy meeting scheduled for June 5-7, 2024. These surveys will be conducted across 19 major cities in India.
Inflation Expectations Survey of Households (IESH):
- Objective: This survey collects subjective assessments on future price movements and inflation expectations based on the individual consumption baskets of households.
- Coverage: It includes diverse urban centers such as Ahmedabad, Bengaluru, Bhopal, and more, encompassing a broad demographic spectrum.
- Scope: The IESH seeks both qualitative and quantitative responses concerning expected price changes currently, three months ahead, and one year ahead.
Consumer Confidence Survey (CCS):
- Purpose: The CCS aims to assess consumer sentiments regarding the general economic situation, employment conditions, overall price levels, household income, and spending habits.
- Cities Surveyed: It covers the same 19 cities as the IESH, ensuring a comprehensive understanding of consumer confidence across these areas.
Conducting the Surveys:
- The RBI has partnered with Hansa Research Group Pvt. Ltd., Mumbai, to administer both the IESH and the CCS, ensuring methodological rigor and reliability in the findings.
About the Reserve Bank of India (RBI):
- Governor: Shaktikanta Das
- Deputy Governors: Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
- Established: April 1, 1935
- Headquarters: Mumbai, Maharashtra
These surveys are integral to shaping the RBI’s monetary policy, providing real-time data from various demographics on economic and financial conditions directly from consumers’ perspectives.
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