According to Pronab Sen, India’s former chief statistician, the government must ensure fiscal support to ensure the economy does not tip over into a slowdown at a time when the RBI is applying brakes to curb red hot inflation.
Worked with Indian survey companies and their interviewing teams to conduct interviews, says US-based PEW Research after doubts raised about methodology.
Last year, some villages stopped surveyors thinking they were working on the Citizenship Amendment Act, and then the pandemic and the lockdowns came in the way, delaying the survey which is expected to improve the calculation of inflation.
Government officials held internal discussions regarding temporary income support of around Rs 5,000-6,000 per month for the urban and rural poor who had lost their livelihoods in the nationwide lockdown last year, according to Pronab Sen, head of a standing committee to overhaul India’s economic statistics and data collection.
In wake of the countrywide lockdown to combat the coronavirus threat, thousands of migrant workers from Uttar Pradesh, Bihar and other states have started returning back to their home states from cities, including Delhi and Mumbai.
The panel will also assess the ability of the ISI's financial resources, revenue-generating activities, government grants, and available physical assets.
Pronab Sen, the former secretary of the Ministry of Statistics and Programme Implementation, was responsible for setting up the government’s data gathering machinery as the first Chief Statistician of India.
In a panel discussion on CNBC-TV18, Pronab Sen, Former Chief Statistician of India said that formal sector data is used as a proxy to estimate the informal sector data, hence even though the informal sector was hit harder due to demonetisation the numbers don't seem to reflect it.
Ahead of the Reserve Bank of India (RBI) meeting on February 8, the question doing the rounds is whether the Central Bank will cut rates or hold its decision to do so in the meet next week. Economist Pronab Sen said that growth will be muted for a while and he expects RBI to cut interest rates by 25 bps.
Former Principal Advisor to Planning Commission Pronab Sen has expressed apprehensions over the applicability of the Economic Survey 2017 in the Budget.
Adi Godrej, Chairman, Godrej Group, feels that cutting individual and corporate taxes is quintesential to stimulating the economy after the demonetisation led to consumption plummeting in the economy.
“The number 1 priority right now is to inject as much demand in the economy as possible and this can be done the quickest through a direct benefits transfer,†Pronab Sen told News18.
In an interview to CNBC-TV18‘s Latha Venkatesh, Pronab Sen, Former Chief Statistician spoke about the advanced estimates of the FY17 GDP to be announced by the CSO on January 6.
"It will be more of guess work because Central Statistics Office will not have first advance estimate of Rabi crop and Index of Industrial Production (IIP) data for December to know about affect of demonetisation," Sen told PTI.
Appointment of Viral Acharya as the new RBI Deputy Governor is a good decision as he has done a lot of work in India, says economist Pronab Sen.
RBI Governor Urjit Patel will brief a parliamentary panel on January 19 on issues concerning demonetisation and its implications on the economy, sources said.
The Reserve Bank of India (RBI) is set to annouce its bi-monthly policy on December 7. Market and bankers are betting on a 25 basis points reduction in the interest rate.
Speaking to CNBC-TV18 Pronab Sen, Former Advisor, Plan Panel said that up to now the government‘s focus has been solely on consumption and on the retail side.
The Reserve Bank of India on Tuesday released the minutes of the first monetary policy committee (MPC) meet.
While the probability of a rate cut is slim in next four months, there are high chances of it in next 12 months, Pronab Sen, Country Director at IGC said.
CNBC-TV18 has constituted its own citizens monetary policy committee to shadow the Reserve Bank of India's policy. At the inaugural panel meet, members agreed that the RBI will keep its rates unchanged.
Central transfers to states fell from 6.6 percent of gross domestic product in FY15 to 6.3 percent in FY16 — which is surprising especially after the FCC increased the states' share of central taxes
Even as fourth quarter GDP for the Indian economy came in at 7.5 percent, a data point that stood out is gross value added (GVA): at 6.1 percent growth.
Inflation for January, as measured by a new methodology, has inched up to 5.11 percent year-on-year, compared to 4.28 percent (also on new methodology) in December.
India‘s economy is expected to grow at around 5.5% in the fiscal year to March 2015, the finance ministry said in a report tabled in Parliament on Friday.
