RBI Forms Expert Committee To Benchmark And Enhance Its Statistics

The Reserve Bank of India (RBI) has constituted an expert committee under the chairmanship of Deputy Governor Michael Debabrata Patra, to benchmark the statistics it regularly disseminates.

The committee will focus on benchmarking these statistics against global standards and best practices.

Additionally, it will examine the quality of other regular data, particularly in areas where no such benchmarks currently exist, such as sectors of national priority.

Some of the key statistics released by the Central Bank include the Consumer Confidence Survey (CCS), Balance of Payments (BoP), Foreign Trade Statistics, India's External Debt, and the Handbook of Statistics on the Indian Economy, among others.

This 10-member panel will submit its report by the end of November 2024. RBI's Executive Director, O P Mall, has been appointed as the committee’s convenor.

The panel includes notable members such as R B Barman, former Chairman of the National Statistical Commission; Sonalde Desai from NCAER; Partha Ray, Director of the National Institute of Bank Management; Bimal Roy, former Director of the Indian Statistical Institute; and Paul Schreyer, former statistician at the OECD. Other members include Sudarshan Sen, former Executive Director of the RBI; Bruno Tissot, Head of Statistics and Research Support at BIS; and Muneesh Kapur, Executive Director at the RBI.