Statistical Business Register
The Government of India is set to launch a Statistical Business Register (SBR). This initiative aims to enhance the quality of business data across the country. The Ministry of Statistics and Programme Implementation (MoSPI) is leading this project. The SBR will provide a comprehensive database of businesses operating at district and state levels.
Purpose of the Statistical Business Register
The SBR will serve multiple purposes. It will facilitate business outlook and sentiment surveys. The data will help in market analysis and policy formulation. It will also aid in estimating Gross Domestic Product (GDP) and analysing industrial performance. The SBR aims to create a unified data repository for better decision-making.
Data Sources for the SBR
The SBR will gather data from various sources. Key contributors include the Employees’ Provident Fund Organisation (EPFO) and the corporate affairs ministry. Goods and Services Tax (GST) data will also be integrated. The annual survey of industries (ASI) will provide additional insights. Furthermore, the Economic Census will offer data on both organised and unorganised sectors.
Frequency of Updates
The SBR is expected to be updated regularly. Updates will occur either quarterly or monthly. The frequency will depend on the feasibility of data collection and processing. This will ensure that the data remains current and relevant.
Alignment with International Standards
The SBR aligns with recommendations from the United Nations Statistics Division (UNSD). This international body promotes the establishment of SBRs in developing countries. Over 60% of such nations have adopted similar frameworks. The initiative aims to address issues like data fragmentation and duplication in business statistics.
Importance of a Unified Data Repository
Currently, business statistics in India face challenges. There is non-uniformity and a lack of a unified data repository. The SBR aims to resolve these issues. A centralised system will improve data accuracy and accessibility. This will enhance the overall quality of statistical information available for analysis.
Role of the United Nations Statistics Division
The UNSD plays important role in global statistical activities. It oversees the compilation and dissemination of statistical information. The division develops standards for statistical practices. It also supports countries in strengthening their national statistical systems. Regular publications and data updates are part of its mandate.
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