Union Cabinet approves new VISTAR scheme to overhaul India’s statistical system

The Union Cabinet has approved a new scheme called VISTAR to overhaul India's statistical system. This three-pronged scheme aims to strengthen data collection, analysis, and incorporate Artificial Intelligence to improve the accuracy of the country's economic data. The new scheme will also provide fresh data on the unorganised sector, which is expected to make the overall GDP figure more accurate. This move is significant for markets as it will provide a more accurate picture of India's economy, helping investors make informed decisions.

Why it matters

India's statistical system is being overhauled to improve data collection and analysis. This could lead to better decision-making and more accurate economic forecasting.

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