The availability of credible figures can be the trump card that will ensure the success of skill-related initiatives and will realise our dream of a developed India. Sadly, over the years, the generation of good data has not been given the importance it deserves in the Government’s scheme of things
After seven decades, it looks like the policy-making framework of the country is soon going to get its third pillar. Three critical elements for policy-making on which the central bank relies world over are: Data on prices, data on value added and data on employment. However, ever since independence, India had been working with only two elements — data on prices (consumer price index, CPI) and data on value-added (gross domestic product, GDP).
