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Key source for macro economic data

THE ANNUAL Report is one of the two publications of the Reserve Bank of India required to be released every year in terms of the RBI Act. The other one is the Trend and Progress of Banking. Other RBI publications such as the Currency and Finance (annual) and the weekly statistical abstract are not legally required but all the publications have enormous credibility and, for most decision makers and journalists, are key sources on macro economic issues.

As one of the few purveyors of authentic economic information in the country, the RBI not only educates those in public policy and other areas of decision making but also ambitiously seeks to reach out through its publications, website and other forms of communication to the common man. The last task is particularly challenging and even modest success in this will be highly creditable. The goal is to make as many people as possible understand various complex economic issues. Ultimately it is the country that will benefit in that both the extent and quality of public debates will get enlarged.

Less jargon can help

However, plenty more ground will have to be covered before economic subjects can be presented without jargon. This statement holds good for the RBI too. Despite recent attempts to simplify, some of its publications are not readily intelligible even to those reasonably familiar with the subjects discussed. May be, such publications are not intended for a wide audience but even for those such as the Annual Report with popular appeal the aim should be to simplify further.

Another drawback of all these publications is that they are repetitive, with subjects spilling over from one publication into another. Macro economic issues do not change substantially in a matter of two or three months. Besides, it is highly unlikely that any one publication can break new ground each time. Their utility lies in their excellent analyses and discussions of core economic issues and the wealth of data they provide.

CRL

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