IMF Grading is divided into four grades:

• A: The data provided are adequate for surveillance.
• B: Data have some shortcomings but is broadly adequate for surveillance.
• C: Data have some shortcomings that somewhat hamper surveillance.
• D: Data have serious shortcomings that significantly hamper surveillance.

Key Issues highlighted by IMF 

• Outdated Base Year (2011-12) for GDP calculation: fails to reflect current production technology and user preferences, which can lead to over or underestimating economic activity.
• Need to use updated data sources: E.g. Household consumption and expenditure survey (HCES), Periodic Labour Force Survey (PLFS), etc. to better capture the structural changes in the economy.
• Lack of Seasonally Adjusted Data: National accounts are not seasonally adjusted, making it difficult to interpret short-term quarterly movements.
• Outdated statistical techniques in the quarterly national accounts data.
• Lack of Producer Prices Indices (PPI): Excessive use of single deflation i.e. Wholesale Price Index (WPI), may introduce cyclical biases. 
• Outdated CPI Components: The IMF highlights that the current CPI base year, items basket, and weights are outdated (2011/12).

IMF’s Recommendation: 

Going forward, regular benchmark revisions of national account, price, and other key statistics should be conducted according to international best practices.