The recent assessment of India’s national accounts by the International Monetary Fund (IMF) serves as a sobering reminder that numbers, however precise they appear, are only as reliable as the systems that generate them. India’s GDP and related statistics received a “C” grade by the IMF, highlighting persistent shortcomings in methodology, coverage, and relevance. This is not a trivial critique; these numbers form the backbone of economic policymaking, investor decisions, and public understanding of growth.

One of the key concerns is the outdated nature of the statistical framework. The national accounts and inflation measures are still largely based on 2011-12 benchmarks. Such lagging reference points fail to reflect contemporary economic realities, particularly in a country where consumption patterns and sectoral contributions have evolved rapidly over the last decade. The informal sector, which constitutes a substantial portion of economic activity, remains underrepresented. Differences between........

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