At 75, NSS works to improve data quality

The demand for accurate information on the performance of the Indian economy can be traced to the growth in the number of research analysts, investment advisers, mutual funds, and foreign portfolio investors registered with the Securities and Exchange Board of India.

- Geeta Singh Rathore Amitava Saha

Furthermore, statistics from the flow of funds published by the Reserve Bank of India (RBI) indicate that financial assets of households in the form of equity and investment fund shares increased from over ₹7 lakh crore in 2011-12 to over ₹30 lakh crore in 2022-23. Investments by households in insurance and retirement products increased from ₹26 lakh crore to ₹107 lakh crore. Unlike two decades ago, even Indian households are demanding data for tracking the economy and also forming expectations about the future.

RBI's monetary policy commit tee (MPC), which meets six times a year, requires accurate measurements of the changes in the economic activity as measured by gross domestic product (GDP) and also for measuring inflation precisely. These data are important from the perspective of setting interest rates. With more emphasis on evidence-based policy formulation, and targeted and focussed interventions, government agencies also require granular (sub-state level) and more precise data. The government of India also has to report to international agencies the progress made towards attaining the Sustainable Development Goals.

In its more than seven-decade-long journey, NSS went behind the curve in terms of catering to the explosion in demand for data for a brief period. While credit is given for NSS data being the cornerstone of national planning and policymaking, the system could not rest on its past laurels. During the past few years, NSS has sought to make itself responsive to emerging data needs. As NSS celebrates its 75th year, the green shoots of this transformation are becoming visible.