Amidst the season of reports, RBI released India’s first Survey of Professional Forecasters. This means the Central bank conducts a survey amongst major important financial/economic research firms on their outlook on the various aspects of the economy – GDP, inflation, trade balance etc.
This is a common practice in the developed economies (see US, ECB etc) and now India also had one. It is going to be a regular feature as this press release says and is going to be a useful guide to understand the Indian economy outlook and over a period of time as we have more of the surveys, on the changing outlook as well.
RBI also includes important statistical points for each economic variable like maximum, minimum, mean, mode etc. This will be a fantastic avenue for research in future. It will be useful to measure expectations as well.