NSO releases several flagship reports. Can you name a few related to the economy?

NSO releases several flagship reports. Can you name a few related to the economy?

Answer:

Yes, the NSO releases multiple flagship reports that are critical for understanding India’s economic situation. Some major ones are:

1. National Accounts Statistics (NAS): GDP, GVA, savings, investment.

2. Periodic Labour Force Survey (PLFS): Employment and unemployment indicators.

3. Annual Survey of Industries (ASI): Industrial output, employment, wages, capital.

4. Index of Industrial Production (IIP): Monthly measure of industrial activity.

5. Consumer Price Index (CPI): Inflation (urban + rural + combined).

6. Household Consumption Expenditure Survey (HCES): Expenditure patterns, poverty estimates.

7. Time Use Survey, Health & Education Surveys, Unincorporated Enterprise Surveys.

👉 Together, these form the backbone of India’s official statistics system, widely used by government, RBI, researchers, and international agencies.

Cross-question:

Which of these is most useful for monetary policy formulation and why?

• Most useful: Consumer Price Index (CPI – Combined)

  • Since 2016, under the Inflation Targeting Framework, RBI uses CPI-Combined as the nominal anchor.

  • Monetary Policy Committee (MPC) sets repo rate based on headline CPI inflation (target: 4% ± 2%).

• Why not others?

  • IIP → Useful for industrial activity, but too volatile for policy anchor.

  • PLFS → Employment trends are important but not the core mandate of monetary policy.

  • NAS → GDP growth is lagged and revised, less timely for short-term decisions.

👉 Thus, CPI is the primary tool for monetary policy, while other NSO reports provide supporting insights.