India Aims to Establish an All-inclusive Statistical Business Register by 2025India plans to implement a Statistical Business Register by the end of 2025, creating a comprehensive, accurate, and up-to-date database of businesses in India.
The initiative seeks to facilitate economic research efforts while strengthening data collection processes.
Senior government officials report that using an SBR will streamline monitoring business activity, such as opening/closing business operations while eliminating redundancies from economic surveys/data collection efforts.
Improving Economic Data Accuracy and Analysis
The SBR will improve India’s economic surveys, business censuses, research, and analysis efforts.
Its centralized, regularly updated database should deliver accurate business information, facilitating more precise economic planning and analysis and help estimate Gross Domestic Product (GDP), sectoral analyses, and policy creation processes.
SBR will contribute to accurate, error-free business statistics by consolidating information across industries into one location, making the annual Survey of Industries (ASI) and Annual Survey of Unincorporated Sector Enterprises (ASUSE) surveys run more smoothly while collecting comparable business information at consistent intervals.
Integration of Multiple Data Sources for Robustness
The Ministry of Statistics and Programme Implementation (MoSPI) oversees the creation of SBR by consolidating multiple government databases into an efficient framework, creating more reliable results than before. Some key sources being integrated are as follows.
Employees’ Provident Fund Organization (EPFO) records employee provident funds (EPF).
Ministry of Corporate Affairs (MCA) Database.
Goods and Services Tax (GST) records
Micro, Small and Medium Enterprise (MSME) Database.
MoSPI officials report that sample data has already been gathered from various agencies, and efforts are underway to expand the pool of available data sources for inclusion into SBR.
They aim to create an adaptable, dynamic database that accurately reflects India’s shifting business environment.
Frequent Updates for Real-Time Tracking
The SBR will feature frequent updates to stay ahead of the fast-evolving business environment.
According to MoSPI officials, updates should occur quarterly or semiannually to reflect all newly established businesses or those that have closed since being added to the register.
This approach should make economic analysis and planning significantly more accurate. At the same time, real-time business tracking will further amplify economic analysis accuracy.
Align with Global Standards for Statistical Registers
Statistical Business Registers have become popular throughout the globe, especially in developing nations, to streamline economic data collection and policy decisions.
According to UNSD estimates, over 60% of developing nations have adopted similar systems as an efficient means to manage business data effectively.
India has experienced multiple setbacks when it comes to creating an SBR. At first, India planned on introducing one during their sixth economic census.
Still, logistical and coordination issues at state levels caused delays in the rollout. A similar proposal for their seventh economic census was postponed due to data integration and quality.
Concerns Still, with a renewed emphasis on economic data accuracy and structured approaches, India is finally poised to meet global best practices for statistical business registers.
Economic Census Underway for 2024
As part of its work on developing the SBR, MoSPI has initiated its 2024 Economic Census to collect comprehensive information on agricultural and non-agricultural establishments throughout India.
It will gather comprehensive information regarding business trends, performance in different sectors, and employment patterns across India.
Data collected during India’s 2024 Economic Census will be integrated into the SBR to accurately record and analyze businesses across all sectors – marking an important step toward data-driven economic planning and policymaking in India.
A Step Toward More Efficient Economic Planning
As India moves toward more data-driven economic planning, India’s launch of the Statistical Business Register will be an extraordinary asset to policymakers, researchers, and businesses providing real-time high-quality data by aligning to international standards while integrating multiple data sources.
Providing real-time economic analysis as well as sectoral assessments, business surveys, and business surveys – providing policymakers and researchers access to real-time accurate quality information needed to make data-driven economic policies.
The SBR will serve a crucial role in shaping India’s economic policies of tomorrow.
By providing more structured, real-time information about Indian businesses, this initiative will foster greater transparency, enable more effective policy decisions, and foster a greater understanding of India’s economy.
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