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Informist, Friday, Nov. 8, 2024

 

--Govt: To release Jul-Sept GDP data at 1600 IST on Nov 29

--Govt: GDP data to now be released at 1600 IST instead of 1730 IST

 

NEW DELHI - The government has decided to bring forward the release of India's GDP data by 90 minutes to 1600 IST, days after it made a similar change to the release of monthly CPI and Index of Industrial Production numbers. The change is effective immediately, with the Ministry of Statistics and Programme Implementation set to release GDP data for Jul-Sept at 1600 IST on Nov. 29.

 

Until now, the quarterly GDP data as well as CPI and IIP numbers were made public at 1730 IST on the respective day of their release. While CPI and IIP data for a month is usually released on the 12th of the next month, quarterly GDP data is released with a lag of two months.

 

In a statement on Friday, the statistics ministry said it was bringing forward the release time of the GDP data "to provide the users/media/public more time on the day of release to access GDP data".

 

"The new release time aligns with the closing hours of major financial markets in India, ensuring that GDP data dissemination does not interfere with active trading. This adjustment also adheres to MoSPI's commitment to transparency and accessibility in data dissemination," the ministry added, reiterating the reasons it had given on Tuesday while announcing the advancement of CPI and IIP data.

 

While the equity and spot rupee markets close at 1530 IST, the bond and currency futures markets close at 1700 IST. As such, GDP, CPI, and IIP data will now be released while bonds and currency futures--often the most sensitive to economic data--would still be trading.

 

With the momentum of economic activity widely seen as having slowed down in the last couple of months, economists have been warning that GDP growth may again miss the Reserve Bank of India's forecast of 7.0% for Jul-Sept. According to Soumya Kanti Ghosh, State Bank of India's group chief economic adviser, growth could drop to 6.5% from 6.7% in Apr-Jun. "We track 50 leading indicators in consumption and demand, agri, industry, service and other indicators, which indicate a dip in Q2FY25 (Jul-Sept). The percentage of indicators showing acceleration is declined to 69% in Q2FY25 vs 80% in Q2FY24 and 78% in Q1FY25," Ghosh had said in a note on Nov. 6.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Siddharth Upasani

Edited by Tanima Banerjee

 

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