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Working on surveys to measure inflationary expectations

Dr Rakesh Mohan, Deputy Governor, RBI

Our Bureau

Mumbai, June 29 To study the progress in the housing sector, the Reserve Bank of India is considering to create ‘housing stat index’, said Dr Rakesh Mohan, Deputy Governor, RBI.

This will help RBI to track the number of houses built on a regular basis. “However, the availability of data from the local government is limited in this area,” he said.

The US has already developed such an index to watch the development in this area.

Dr Mohan further clarified that the central bank was looking at this statistical index due to the boom in housing sector.

Housing stat index refers to the number of residential building construction projects that have begun during a specific period, usually a month.

Addressing a conference on ‘Statistics Day and Annual Conference on Financial Statistics’, he said: “We want to be on a firm ground statistically.”

Dr Mohan also said that RBI is working on surveys to measure inflationary expectations. “We are testing it to get it right technically. It is extremely important for monetary policy,” he said.

RBI is also participating with the Government to define Consumer Price Index-Urban and Consumer Price Index-Rural, the Deputy Governor said.

“It will be very useful in monetary policy, he added.

“With the change in banking regulation and with Basel II in place, we will need to use much more statistical surveys for risk analysis in the area of banking regulation and innovation. We should keep doing sample surveys,” he said.

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