RBI tracking new macroeconomic data to align with global standards
The Business Guardian|June 29, 2024
At the 18th Statistics Day Conference in Mumbai on Friday, Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the central bank's focus on closely monitoring the development of new global standards for macroeconomic statistics.
RBI tracking new macroeconomic data to align with global standards

These standards are poised to enhance the calculation of national accounts and balance of payments, providing a more accurate depiction of the economy.

Governor Das emphasized that the RBI is committed to enhancing its capabilities in artificial intelligence (AI) and machine learning (ML) techniques. These advancements will aid in the analysis of unstructured textual data, which is becoming increasingly important in the realm of macroeconomic statistics. "Global efforts are expected to culminate in new global standards for the compilation of macroeconomic statistics, especially for national accounts and balance of payments. Our team in the Reserve Bank is closely tracking these developments," Das stated.

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