'Release of key macro data only after market hours'

The key macro-economic indicators are falling month after month and an embarrassed government has now decided to delay the release of crucial monthly economic data and bring them out only after market hours to save face.

From now on, the numbers related to Gross Domestic Product (GDP), Consumer Price Index (CPI) and Index of Industrial Production (IIP) will be released at 5.30 pm instead of morning hours, according to information available on the website of Ministry of Statistics and Programme Implementation.

Consequently, two key macro-economic numbers on factory output and retail inflation scheduled to be released on Friday, will come at 5.30 pm instead of 11 am as earlier.
Until now these numbers were released between 11 am and 12 noon. The immediate rise or slump in stock, bond and money markets is based on the release of IIP, GDP and CPI numbers. But after the Indian economy has gone into a sluggish mode, these numbers have also weakened and their release during market hours and evoked knee-jerk reactions from investors, even creating panic.

To add to the woes, the rupee is showing no signs of recovering anytime soon, and the government apparently does not want to trigger any sharp reaction and make the Indian currency even more vulnerable, analysts said.

The industrial production growth has slipped to 2 per cent in April on account of dismal performance of manufacturing, mining and power sectors coupled with lower output of capital goods as the official data released last month on June 12.

Falling for the third straight month, CPI or retail inflation stood at 9.31 per cent in May due to easing of prices of edible oil and protein-based items. The CPI based inflation stood at 9.39 per cent in April. It was 10.39 per cent in March.

Comments (+)