The demand for accurate information on the performance of the Indian economy can be traced to the growth in the number of research analysts, investment advisers, mutual funds, and foreign portfolio investors registered with the Securities and Exchange Board of India. Furthermore, statistics from the flow of funds published by the Reserve Bank of India (RBI) indicate that financial assets of households in the form of equity and investment fund shares increased from over ₹7 lakh crore in 2011-12 to over ₹30 lakh crore in 2022-23. Investments by households in insurance and retirement products increased from ₹26 lakh crore to ₹107 lakh crore. Unlike two decades ago, even Indian households are demanding data for tracking the economy and also forming expectations about the future.

RBI’s monetary policy committee (MPC), which meets six times a year, requires accurate measurements of the changes in the economic activity as measured by gross domestic product (GDP) and also for measuring inflation precisely. These data are important from the perspective of setting interest rates. With more emphasis on evidence-based policy formulation, and targeted and focussed interventions, government agencies also require granular (sub-state level) and more precise data. The government of India also has to report to international agencies the progress made towards attaining the Sustainable Development Goals.

In its more than seven-decade-long journey, NSS went behind the curve in terms........

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