Recently, the International Monetary Fund (IMF) released the ‘Annual Observance Report of the Special Data Dissemination Standard for 2018’, according to which, India has failed to comply with many standards set in the SDDS.
key points
- According to this report released by IMF, there were several delays in the release of data of various categories from India in the year 2018.
- India’s other BRICS counterparts – Brazil, China, South Africa, and Russia – have consistently met all data-dissemination standards.
- According to the report, there was consistency in the data released by India till the year 2016. But during the year 2017 and 2018, it failed to release data of various categories.
- India has admitted that non-compliance with IMF standards was due to a technical glitch in the National Summary Data Page (NSDP) web page.
- The National Summary Data Page (NSDP) provides quick access to a single comprehensive source of economic and financial data.
- The report listed three types of deviations from the SDDS:
- The first type of deviation occurs when Member States disseminate data with a delay beyond the period specified for data dissemination in the SDDS.
- The second type of deviation occurs when rcs database Member States do not list a data category in their Advance Release Calendars (ARC), despite the category being mandated by the SDDS.
- The third deviation occurs when data for a particular period is not disseminated at all.
What is Special Data Dissemination Standard (SDDS)?
- SDDS is a global standard/benchmark for releasing macroeconomic data to the public.
- It was prepared the International Monetary Fund in the year 1996.
- The IMF launched the SDDS initiative to enhance data transparency of member countries and provide financial market participants the half-turn of summer vacation with adequate information to assess countries’ economic conditions.
- India adopted the SDDS on December 27, 1996.
- Membership of the SDDS indicates that a country meets the test for ‘Good Statistical Citizenship’ .
- The IMF counts over 20 categories of data in this annual overview report to ascertain the economic health of a country, including national accounts (gross domestic product and gross national income), production indices, employment and central government operations.
SDDS Plus:
- SDDS Plus is the highest tier of the Fund’s Data Standards.
- Although it targets progress in systemically china data important financial sectors, it is available to all SDDS clients.
- SDDS Plus emphasizes strong data dissemination practices to enhance data transparency and strengthen the international financial system.
Requirement of SDDS
Data dissemination standards increase the availability of timely and comprehensive data. Which contributes to macroeconomic policies and the efficient functioning of financial markets.
