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Central Banks need stronger communication in Turbulent Times

Published on June 30, 2022
Current Context: Central Banks must strengthen their communication about policy in turbulent times like the coronavirus pandemic and use alternative indicators.
Central Banks need stronger communication in Turbulent Times
  • As per United Nations, more than 95% of National Statistical Offices had partially or completely stopped face-to-face data collection in May 2020.
  • In addition to that, the Ministry of Statistics and Programme Implementation published figures for the consumer price index (CPI) with immense difficulty during the first wave of the pandemic in 2020 as data was not accessible.
  • Not only that, even short-term forecasting has become a challenge for central banks in the aftermath of the pandemic as large shifts in economic conditions.
  • India requires regional dimensions of national indicators to tackle this situation due to its geographical diversity.
  • As per RBI, there is a need to enhance the granularity, regularity, and better validation of data should be done.


Q.1 As per the United Nations survey, how much percentage of data collection has been stopped by NSO in May 2020.
a. 82%
b. 75%
c. 95%
d. 98%
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