Upgrading data systems

13 DEC,2021 | MEDC


 

Indian investors are often disadvantaged by the untimely release of macroeconomic data. A major problem in releasing data late is that research bureaux are unable to conduct adequate analysis of the underlying numbers that matter most to industry and the markets. Apart from important data like GDP numbers, even employment-related data is often released with large time lags. This is problematic to many stakeholders. If industry can be entrusted to react responsibly to the information contained in the Union Budget, it also has the right to demand the timely release of socioeconomic data. A standardized format of data release should be followed, both by the state and Central government. A uniform system of data release in English should also be required from all state governments. Unfortunately, many state budgets do not get the attention they deserve due to a lack of consistency in presenting their data. Enhancing the timeliness and user-friendliness of public data needs to become a policy priority.

*Photo Credit: Google

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