On this Special Report, Chief Economic Advisor V. Anantha Nageswaran discusses the dynamics of the Indian rupee and the upcoming overhaul of India’s macro statistics. He notes that ‘on balance, India actually benefits from a weaker rupee, considering the kind of manufacturing competitiveness we have’, explaining that while imports become costlier, the net cost-benefits currently favour India. Dr. Nageswaran also addresses the recent trade agreement with the European Union, suggesting it may take 6 to 12 months for legal vetting and parliamentary approvals to be completed. Furthermore, he elaborates on the methodological improvements in India’s statistical system, scheduled for release on February 27th, which aim to capture more formal activity and include modern goods like smartphones in the industrial index. He clarifies that the upcoming data revision will address technical criticisms from the IMF regarding the base year and consumption baskets, ensuring a more accurate depiction of the real economy.
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