The government is set to roll out a statistical business register by the end of 2025 to monitor the opening and closure of businesses across the country, The Economic Times reported, citing two officials familiar with the matter.
The register will serve as a key framework for the economic census and business surveys, helping track the number of active and closed establishments while avoiding duplication of efforts during the economic census.
"The register will provide a framework for the economic census, which will further be used for surveys, such as the Annual Survey of Industries (ASI) and the Annual Survey of Unincorporated Sector Enterprises (ASUSE)," an official told The Economic Times.
The initiative aims to enhance data accuracy, reduce errors, and ensure businesses' information is consolidated and regularly updated. It will also support sectoral analysis and aid in GDP calculations.
Recommended by the United Nations Statistics Division, statistical business registers have already been implemented in over 60% of developing nations. India had initially planned to set up one during the sixth economic census, but delays from some states stalled the process. A similar proposal for the seventh economic census was also deferred due to concerns over data quality.
According to another official, the register will be updated quarterly or semi-annually.
The Ministry of Statistics and Programme Implementation (MoSPI) has identified multiple data sources for the register, including the Employees' Provident Fund Organisation (EPFO), the Ministry of Corporate Affairs database, Goods and Services Tax (GST) records, and the micro, small, and medium enterprises database.
"We have received sample data from a few agencies and we are actively working on it," an official told The Economic Times, adding that MoSPI plans to expand data sources to improve the register’s robustness.
Meanwhile, the ministry has already begun work on the economic census, which will be conducted this year. A senior official confirmed that the census will map agricultural and non-agricultural establishments across all states.
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