MUMBAI: RBI governor Urjit Patel has said that there is an acute information deficit regarding the unorganised sector in India, despite its significant role in employment generation. The governor also called for fresh research on price formations in e-commerce and digital transactions, without which policy measures would be less effective.
“Thinking new and fresh is demanded by the everchanging world in which we operate. The need is to understand micro-level price formation dynamics in new dimensions such as e-commerce, digital transactions and big cross-sectional data,” said Patel. The governor was delivering his speech at the convocation ceremony of the Meghnad Desai Academy of Economics in Mumbai on Friday.
Patel’s observation comes at a time when the government has announced plans to map employment data in the informal sector by covering enterprises with less than 10 people from next year. The information will be gathered through a survey.
In his speech, Patel described the goods and
services tax (GST) as a momentous reform that has created one of the most effective institutional mechanisms for cooperative federalism. “Also, the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC) is a watershed towards improving the credit culture in our country,” Patel said.
The governor also called for fresh research on price formations in e-commerce and digital transactions, withou... Read More
