"India turns to artificial intelligence for better and faster economic data"

28Jan,2021

"India turns to artificial intelligence for better and faster economic data"

India is turning from man to machines to enhance the standard and speed of its economic knowledge, that has been criticised as inadequate, delayed or perhaps confusing because of sharp and sudden revisions.

The Ministry of Statistics is ramping up use of AI for grouping, analysing and coverage knowledge to raised monitor the economy. The measures embrace a $60 million program with associate degreed Development|World Bank|IBRD|United Nations agency|UN agency} facilitate victimisation an info portal that collates period of time knowledge.

"Because of the dynamical landscape, there’s a growing want for additional and additional knowledge, quicker knowledge and conjointly additional refined knowledge product," Statistics Secretary Kshatrapati Shivaji aforesaid in associate degree interview. With end-to-end automation, "this style of automation can enhance the standard, believability and timeliness of knowledge."

The quality of its economic numbers could be a pressing issue for Bharat following various controversies over its knowledge. whereas the pandemic has exposed the constraints of standard economic knowledge the planet over, the matter is especially acute in Bharat, wherever a dependence on manual process has generally LED to a knowledge vacuum country of one.3 billion individuals, solely twenty per cent of whom savvy to use the net, had to suspend field surveys throughout the internment, that LED to gaps in coverage monthly retail inflation numbers. The missing info eventually was crammed in with phone surveys, however the ministry is additionally establishing a system to try to to surveys electronically, and can use digital databases wherever potential.

"Apart from victimisation such knowledge from a policy perspective, having access to updated knowledge may be wont to recommend leads for sector-specific interventions, forthwith, as and once needed," aforesaid GV Anand Bhushan, Chennai-based partner at the Shardul Amarchand Mangaldas & Co. law firm, that is advising some technology corporations operating with the govt