What's wrong with our statistics?

Less than a week after the Reserve Bank of India (RBI) expressed concern over the quality of data, the Central Statistics Office drastically reduced the Index of Industrial Production (IIP) growth number for capital goods for April to 7.3 per cent from 14.5 per cent when it was initially announced. Such revisions are quite bizarre and have a deeper implication because such high-frequency data is used for high-frequency monetary policy stances.

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