Mission for NITI Aayog
NITI Aayog should make India a first-world nation in economic data, statistics, analysis and dissemination
Sajjid Chinoy of JP Morgan (India) wrote in The Indian Express that the Reserve Bank of India (RBI), under D. Subbarao, was blindsided twice by inadequate and lack of timely data. The RBI began a gradual tightening cycle in 2010-11 but subsequent revisions showed that economic growth had begun to accelerate much faster than what initial estimates had suggested. Again, in Q1 2012, the rate of inflation was revised higher retrospectively. Had it been available on time, the RBI may not have cut interest rates by 50 basis points in April 2012.