Statistical Business Register

The Government of India plans to launch a statistical business register by the end of 2025. This initiative aims to monitor the opening and closing of businesses across the nation. It will provide a framework for the economic census and various business surveys. The register is designed to enhance data accuracy and reduce errors in business information collection.

Purpose

The primary goal of the register is to consolidate information about all enterprises in India. It will track active and closed establishments. This data will be crucial for conducting the economic census and other surveys, such as the Annual Survey of Industries and the Annual Survey of Unincorporated Sector Enterprises.

Implementation

The Ministry of Statistics and Programme Implementation (MoSPI) is responsible for the register. It plans to utilise multiple data sources. These include the Employees’ Provident Fund Organisation, the Ministry of Corporate Affairs database, Goods and Services Tax records, and the micro, small, and medium enterprises database. Sample data has already been received from several agencies.

Updating the Register

The statistical business register will be updated regularly. Officials have indicated that updates could occur quarterly or semi-annually. This frequency aims to ensure that the data remains relevant and accurate for economic analysis.

Significance for Economic Census

The register will serve as a key framework for the economic census, which is set to be conducted this year. This census will capture the number of establishments engaged in both agricultural and non-agricultural activities across all states. The register will help avoid duplication during the census process.

International Recommendations

The United Nations Statistics Division recommends the implementation of statistical business registers. Over 60% of developing countries have adopted this practice. India initially planned to establish the register during its sixth economic census. However, delays occurred due to issues with state preparations.

Impact on Economic Analysis

The statistical business register will aid in sectoral performance analysis. It will also support calculations related to the Gross Domestic Product (GDP). The initiative aims to provide a more robust economic framework for understanding business dynamics in India.

Month: Current Affairs - March, 2025

Category: Economy & Banking Current Affairs