Mumbai, Nov. 26 -- The Reserve Bank of India (RBI) has taken a series of major initiatives in the recent past to modernise the central bank's data and statistical systems to keep pace with India's rapidly evolving economy.

Addressing the challenges of inflation and growth forecasting, especially given India's high food weight in the CPI basket, RBI Deputy Governor Poonam Gupta said the RBI now employs a "suite of models," high-frequency indicators, expert consultations, and updated data windows to minimise errors.

She noted that MPC inflation forecasts show no systematic bias, according to the RBI's recent Review of the Monetary Policy Framework.

She said the RBI publishes extensive economic and financial data from daily to annual freq...