RBI sets up expert panel on benchmarking of its statistics; Michael Patra to head committee

The Reserve Bank of India (RBI) has established an expert panel, chaired by Deputy Governor Michael Patra, to benchmark India's statistics against global standards. This move aims to improve the quality and accuracy of economic data, which is crucial for informed policymaking. The panel will review current statistical methodologies and suggest improvements to align them with international best practices. This initiative reflects RBI's commitment to enhancing transparency and reliability in economic reporting, which is vital for maintaining investor confidence and ensuring effective economic governance.