Skip to main content

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.


Labels:

Comments

Post a Comment

Popular posts from this blog

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor  and indoor activities in their training schedule.   Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...
Post a Comment
Read more

PSU bank employees go on two-day strike; services hit at many places

  Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country Employees of  public sector banks  (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual. Public sector lenders, including State Bank of India, had informed customers that services in their branches might be affected due to ...
Post a Comment
Read more

Back in TV studio after release from jail, Arnab dares Maharashtra CM

  Goswami also singled out Mumbai police commissioner Param Bir Singh for his ‘illegal’ arrest on November 4 in a 2018 suicide abetment case Back in the familiar environs of the TV newsroom after a week in judicial custody, journalist Arnab Goswami on Wednesday hit out at Maharashtra Chief Minister Uddhav Thackeray for arresting him in a ‘fake’ case. “Uddhav Thackeray, listen to me. You lost. You have been defeated,” said Goswami (47), while being surrounded by visibly relieved colleagues from his Republic TV channel. Soon after his release from Taloja jail near Mumbai around 8.30 pm, Goswami drove to the Lower Parel studio of the channel, of which he is the Editor-in-Chief.  Arnab Goswami  also singled out Mumbai police commissioner Param Bir Singh for his ‘illegal’ arrest on November 4 in a 2018 suicide abetment case. Goswami said that while in Taloja jail since November 8, he was subjected to three rounds of police interrogation. “Uddhav Thackeray, you arrested me in a...
Post a Comment
Read more