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Delays in India’s data reporting: IMF
Why is it in the news ?
- A recent report published by the International Monetary Fund (IMF), shows inconsistencies into India's dissemination of fiscal datasets.
- The report published by IMF named as “Annual Observance Report of the Special Data Dissemination Standard for 2018".
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Findings of the Report:
- India failed to comply with multiple requirements prescribed in the Special Data Dissemination Standard (SDDS)- a practice mandatory for all IMF members.
- The BRICS grouping of Brazil, China, South Africa and Russia, have maintained a near impeccable record in the same period.
- IMF acknowledged India’s deviations but termed them “non-serious”.
- However, independent observers see these deficiencies as a result of indifference to data dissemination procedures.
Special Data Dissemination Standard (SDDS):
- The IMF launched the SDDS initiative in 1996 to guide members to enhance data transparency and help financial market participants with adequate information to assess the economic situations of individual countries.
- India subscribed to the SDDS on December 27, 1996.
- The yearly observance report for each member country lists the compliances and deviations from the SDDS under each data category for that year.
- There are over 20 data categories which IMF considers for this report to capture a nation’s economic health.
- The categories includes national accounts (GDP, GNI), production indices, employment, and central government operations.
IMF:
- The IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944.
- The International Monetary Fund (IMF) is an organization of 189 countries.
- The IMF's primary purpose is to ensure the stability of the international monetary system.
- IMF is headquartered in Washington, D.C.
Source
The Hindu.