More information about this methodological change is available here.

For the euro area, it is the Centre for Economic Policy Research (CEPR) which does this job.

Like the NBER, CEPR is also an independent, non-profit organization.

This will also help India to be more in synchronization with the other developed and emerging market economies.

Mayank Gupta is a research scholar at the department of economics (autonomous), University of Mumbai.

Most of the research in business cycles is done keeping in mind advanced industrial economies.

The scarcity of research for studies of business cycles in India along with data limitations might be some of the reasons why policymakers in India are not too concerned about this issue. Business cycles are the short-run fluctuations in aggregate economic activity around its long-run growth path.

This is important in a country like India where GDP numbers are contentious and political parties try to score points on these numbers.

Also, the BCDCs are created by independent non-profit organizations.

This responsibility does not lie with the government or with the central bank.