The Reserve Bank of India (RBI) has launched two surveys – the Survey on Computer Software and Information Technology Enabled Services Exports and the Survey on International Trade in Banking Services – to gather useful inputs for the formulation of monetary policy.
The Survey on Computer Software and Information Technology Enabled Services Exports aims to gather information on the export of computer software and information technology enabled services from India for the financial year 2021-22. The survey covers the exports made by companies registered under the Software Technology Parks of India (STPI), as well as those not registered under the STPI.
The Survey on International Trade in Banking Services seeks to collect data on cross-border trade in banking services by Indian banks for the financial year 2020-21. The survey will cover both the onshore and offshore banking operations of Indian banks.
According to the RBI, the data collected through these surveys will be useful in assessing the performance of these sectors, identifying areas of improvement, and formulating appropriate policies to promote their growth.
The central bank has requested all companies and banks covered under these surveys to provide the required information accurately and within the specified timelines.
The RBI has been taking various measures to gather data and insights to formulate monetary policy, which has been challenging due to the ongoing COVID-19 pandemic and the resultant uncertainty in the economic environment.
In addition to surveys, the RBI has been leveraging technology to improve data collection and analysis. In 2020, the central bank launched the National Strategy for Financial Inclusion (NSFI) 2019-24, which aims to use technology to promote financial inclusion and access to financial services.
The RBI has also been actively monitoring the impact of the COVID-19 pandemic on the Indian economy and has been taking measures to mitigate its impact. In August 2021, the central bank announced a new loan restructuring scheme for small businesses and individuals impacted by the pandemic.
The RBI has stated that it will continue to closely monitor the economic situation and take appropriate measures to support growth and stability in the economy.