RBI clarifies IMF’s remarks on its data

MUMBAI: RBI deputy governor Poonam Gupta has responded to recent IMF comments questioning the quality of India’s growth data and classifying the rupee’s exchange rate regime as a “crawling peg” within a managed float system.On the concern regarding data quality, Gupta said that the IMF’s critique is more procedural than substantive. “The point that they’re making on what is perceived to be the quality of our statistics is a very limited one,” she said, stressing that the IMF’s taxonomy focuses on whether statistical data submissions have gaps that affect surveillance and not on disputing the inherent quality or “sanctity of the numbers” themselves.On IMF’s classification of the Indian rupee’s exchange rate regime, Gupta offered context on the broader global framework, and said, “I would not read much into it. It’s just based on cross-country comparison of India having this much volatility compared to some other countries.” She said India remains firmly in the managed float category like most emerging markets.