New Delhi, July 12 (IANS). Confederation of All India Traders (CAIT) has welcomed the decision of the Central Government to launch the ‘High-Frequency Economic Barometer’ on July 14. CAT says that this initiative will strengthen small traders, retailers, MSMEs and entrepreneurs and will give new impetus to India’s economic development journey.
CAT described it as a historic and transformational step towards making economic governance more modern, dynamic and data-driven under the visionary leadership of Prime Minister Narendra Modi.
This high-frequency economic barometer will assess the state of the country’s economy in near real time. For this, GST collection, UPI transactions, e-way bills, freight movement, electricity consumption, banking activities, digital commerce and other important economic data will be linked together.
This will help the government make policies faster and with more accuracy. Also, emerging economic challenges can be identified in time and necessary steps can be taken.
CAT Secretary General and MP Praveen Khandelwal said that Prime Minister Narendra Modi has taken economic transparency and efficiency to new heights through initiatives like Digital India, GST, UPI and technology-based good governance. The ‘High-Frequency Economic Barometer’ is the next important chapter in this transformative journey, which will prove to be a major step towards making India among the most advanced and data-driven economies of the world.
Praveen Khandelwal said that the country’s small traders, retail traders, MSMEs and entrepreneurs will benefit the most from this initiative. By getting timely information about economic trends, consumer behavior and market demand, businessmen will be able to take better decisions and their competitiveness will also increase.
He also said that this barometer will act as an effective early warning system in times of global economic uncertainties, supply chain disruptions, inflationary pressures and geopolitical challenges. This will enable the government to take corrective steps in time.
According to CAT, this initiative will usher in a new phase in India’s economic policy making system. This will make economic forecasts more accurate, strengthen investor confidence, boost business and also contribute significantly to achieving the goal of ‘Developed India’.
–IANS
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