Finance Minister Launches NITI NCAER States Economic Forum Portal for Fiscal Data

Delivering the keynote address at the launch, Minister Sitharaman underscored the importance of reliable and authentic data for informed policy formulation and governance at the state level.

In a significant step towards enhanced fiscal transparency and effective policy-making, Finance Minister Ms. Nirmala Sitharaman inaugurated the "NITI NCAER States Economic Forum" portal today at an event held in New Delhi. The portal is a collaborative initiative between NITI Aayog and the prestigious National Council of Applied Economic Research (NCAER), designed as an extensive and meticulously curated repository of comprehensive data on various economic, social, and fiscal indicators spanning over three decades, from the fiscal year 1990-91 to 2022-23.

Delivering the keynote address at the launch, Minister Sitharaman underscored the importance of reliable and authentic data for informed policy formulation and governance at the state level. She emphasized that the availability of accurate fiscal data will empower states to craft meaningful policy interventions, optimize revenue generation strategies, efficiently manage their debts, and foster collaborative learning from peer experiences across different regions. Highlighting the necessity of balanced public finance management, Ms. Sitharaman cautioned that revenue enhancement initiatives must be undertaken responsibly to avoid undue economic burdens on citizens.

The Minister commended the portal as an essential resource, calling it a timely and necessary measure that aligns with contemporary needs for greater state-level engagement and data-driven governance. She asserted that such initiatives facilitate transparency and accountability, vital for economic growth and stability.

Presenting a detailed overview of the portal, Director General of NCAER, Dr. Poonam Gupta, illustrated the diverse fiscal trajectories of various Indian states, emphasizing the uniqueness of their respective economic paths. Dr. Gupta stressed the critical need for a centralized, accessible platform that houses extensive economic and fiscal datasets, enabling policymakers to analyze, compare, and appreciate the positions of other states, thus fostering informed decision-making processes.

Shri BVR Subrahamanyam, CEO of NITI Aayog, reiterated that the NITI NCAER States Economic Forum would serve as a powerful instrument for public awareness, transparency, and fiscal learning. He expressed optimism that the portal would significantly enhance fiscal literacy among stakeholders, including policymakers, researchers, and citizens, thereby contributing positively towards informed and effective governance.

In his remarks, Vice Chairman of NITI Aayog, Shri Suman K Bery, highlighted that the launch of this state economic forum marks a crucial milestone towards data-driven research, particularly in the domain of public finance. He envisioned that the robust data analytics facilitated by the portal would strengthen the understanding of complex economic dynamics, further supporting sustainable economic development and informed policymaking.

The launch event saw extensive participation from policymakers, economic experts, representatives from various states, and prominent members of academia. This landmark initiative is expected to bolster economic policy research and analysis, providing crucial insights and actionable data to support state governments and central institutions in their ongoing efforts to promote equitable and sustainable economic growth across India.