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India turns to artificial intelligence for better and faster economic data

 The country of 1.3 billion people, only 20 per cent of whom know how to use the internet, had to suspend field surveys during the lockdown, which led to gaps in reporting monthly retail inflation numb

Shipping, GDP, India

India is turning from man to machines to improve the quality and speed of its economic data, which has been criticized as inadequate, delayed or even confusing due to sharp and unexpected revisions. The Ministry of Statistics is ramping up use of artificial intelligence for collecting, analyzing and reporting data to better monitor the economy. The measures include a $60 million program with World Bank help using an information portal that collates real-time data.

“Because of the changing landscape, there’s a growing need for more and more data, faster data and also more refined data products,” Statistics Secretary Kshatrapati Shivaji said in an interview. With end-to-end computerization, “this type of automation will enhance the quality, credibility and timeliness of data.”The quality of its economic numbers is a pressing issue for India following numerous controversies over its data. While the pandemic has exposed the constraints of conventional economic data the world over, the problem is particularly acute in India, where a dependence on manual processing has sometimes led to a data vacuum.

The country of 1.3 billion people, only 20 per cent of whom know how to use the internet, had to suspend field surveys during the lockdown, which led to gaps in reporting monthly retail inflation numbers. The missing information eventually was filled in with phone surveys, but the ministry is also establishing a system to do surveys electronically, and will use digital databases where possible.


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