IMF welcomes India’s efforts to modernise statistical framework

Reports coming in for today mention that Amid the ongoing debate over the credibility of India's latest GROSS DOMESTIC PRODUCT estimates, the IMF has welcomed the country's efforts to modernise its statistical framework, saying the incorporation of a new Index of Industrial Production (IIP) and Producer Price Index (PPI) series should help improve the accuracy of GROSS DOMESTIC PRODUCT estimates.

“The latest GROSS DOMESTIC PRODUCT release that we just talked around incorporated both a new index of industrial production, and a new producer price index series, and those two new series should help improve India's GROSS DOMESTIC PRODUCT estimates,” Julie Kozack, Director of the Communications Department, IMF, stated in response to a question from PTI. She stated the IMF welcomes these important steps that India is taking to modernise its macroeconomic statistics.

“We, of course, encourage the authorities to keep further strengthen the statistical framework and data quality along the lines that they're progressing,” Kozack stated at the monthly briefing here.

She stated India's real GROSS DOMESTIC PRODUCT in the second quarter grew by 7.8 per cent which was above the IMF’s staff expectations, and additionally the consensus among other observers.

“This upward surprise was fuelled by stronger-than-anticipated activity in the services sector, and additionally in exports,” Kozack stated.

“I think what we would say is the outcome additionally underscores the resilience of the Indian economy, despite the energy price shock. And it additionally means that, you know, as we've been saying for quite some time, that India does stay a key expansion engine for the world,” the IMF official stated.