New Delhi, Sept. 11 -- The International Monetary Fund (IMF) has welcomed India's efforts to modernise its macroeconomic statistical framework, saying the adoption of a new Index of Industrial Production (IIP) and Producer Price Index (PPI) series should improve the accuracy of GDP estimates.

Julie Kozack, Director of the Communications Department at the IMF, said the latest GDP release incorporated the two new statistical series, which should help strengthen India's GDP estimates.

"We welcome these important steps that India is taking to modernise its macroeconomic statistics," Kozack said at the IMF's monthly briefing.

She encouraged Indian authorities to continue strengthening the country's statistical framework and data quality, re...