The Reserve Bank of India (RBI) has announced the establishment of an Expert Committee, chaired by Deputy Governor Michael Debabrata Patra, to benchmark the statistics regularly disseminated by the RBI against global standards and best practices. This initiative is part of the RBI’s ongoing efforts to enhance the quality and reliability of the data it provides.
Objectives of the Expert Committee:
- Benchmarking Against Global Standards: The committee will evaluate the current statistics published by the RBI and compare them against global benchmarks to ensure they meet or exceed international standards.
- Quality Assessment: In areas where no global benchmarks exist, particularly in sectors of national priority, the committee will study and evaluate the quality of the data being produced.
- Guidance on Data Refinement: The committee is also tasked with providing recommendations on how the RBI can further refine its data collection and dissemination processes to improve accuracy and relevance.
Composition and Timeline:
The 10-member committee is expected to submit its report by the end of November 2024. The formation of this committee reflects the RBI’s commitment to maintaining high standards of transparency and accuracy in its statistical publications.
This initiative is seen as a significant step towards aligning India’s financial and economic statistics with global best practices, thereby enhancing the credibility of the data used by policymakers, researchers, and the global community.
Login with Google