Government Plans to Roll Out Statistical Business Register
The Government of India is set to introduce a Statistical Business Register (SBR) by the end of 2025 to efficiently track businesses across the country. The move aims to provide an accurate and comprehensive database of enterprises, aiding economic surveys and research. The Economic Times, citing senior officials, reported that the initiative would help monitor business openings and closures, minimizing redundancy during economic data collection efforts.
Enhancing Data Accuracy and Economic Analysis
The SBR will serve as a critical framework for economic census and business surveys, significantly improving data accuracy and reducing errors. It will provide consolidated, regularly updated information, ensuring a more structured approach to analyzing India’s business landscape. Officials highlight that this system will be instrumental in GDP estimations, sectoral analysis, and economic planning.
According to an official statement, the register will support key surveys, including the Annual Survey of Industries (ASI) and the Annual Survey of Unincorporated Sector Enterprises (ASUSE), ensuring consistency in business statistics.
Integration of Multiple Data Sources for a Robust Framework
The Ministry of Statistics and Programme Implementation (MoSPI) is actively working on integrating multiple data sources into the SBR. Key data repositories identified for this initiative include:
Employees’ Provident Fund Organisation (EPFO) records
Ministry of Corporate Affairs (MCA) database
Goods and Services Tax (GST) records
Micro, Small, and Medium Enterprises (MSME) database
Officials have confirmed that sample data from various agencies have already been received, and efforts are underway to expand data sources further. This comprehensive approach is expected to enhance the register’s robustness and reliability, ensuring that business trends and dynamics are accurately mapped.
Quarterly or Semi-Annual Updates for Real-Time Business Tracking
One of the key features of the SBR will be regular updates to reflect real-time changes in India’s business environment. A senior official confirmed that the register is likely to be updated either quarterly or semi-annually, ensuring that information about newly established and closed businesses remains current.
This will be a significant improvement over previous economic census methods, which often suffered from delays and outdated business data, leading to discrepancies in economic analysis.
Global Best Practices and India’s Efforts to Catch Up
Statistical Business Registers have been widely recommended by international organizations, including the United Nations Statistics Division (UNSD). More than 60% of developing nations have already implemented such registers to streamline economic data collection and policymaking.
India initially aimed to introduce an SBR during its sixth economic census, but implementation was delayed due to logistical challenges and state-level coordination issues. A similar proposal for the seventh economic census was also deferred due to concerns over data quality and integration challenges.
With renewed focus and a structured approach, India is now poised to align itself with global best practices, ensuring more transparent and efficient economic data management.
Economic Census Already Underway for 2024
Parallel to the efforts on the SBR, MoSPI has commenced work on India’s economic census, which is being conducted this year. The economic census aims to map both agricultural and non-agricultural establishments across all states, providing critical data on business trends and employment patterns.
A senior official confirmed that the economic census will feed into the SBR, ensuring that businesses across various sectors are systematically recorded and analyzed. This marks a significant step toward data-driven economic planning and policymaking in India.
