Alternate Data Sources & Economic Growth

Nageswaran stated data created by alternating sources and analytical systems complement instead of substitute each other. The most up to date patterns in innovation, like expert system and Internet of points, have to go hand in hand with skilling manpower.

Data’s Role in Economic Projections

It is important that scientists understand the substantial amounts of data that is being created, as it aids in boosting the projection precision of financial accumulations such as consumption, gross domestic product and financial investments, claimed Nageswaran.

“It is essential to keep in mind that the worth of alternating data is not in its volume or uniqueness, however in the distinctive lens it supplies,” he stated at the National Workshop on Alternate Data Sources and Frontier Technologies for Plan Making. (Image: PTI).

Harmonizing Data for Enhanced Utility

Saurabh Garg, assistant at MoSPI, detailed 5 foundation for boosting harmonisation of data. These are meta data frameworks, national and worldwide categories, special identifiers, self-quality assessment tools and reconciliation of varied data to attain such endeavours.

“It is very important to note that the value of alternate information is not in its quantity or uniqueness, however in the distinct lens it uses,” he said at the National Workshop on Alternative Data Sources and Frontier Technologies for Policy Making. The two-day occasion in New Delhi is organised by the Ministry of Statistics and Programme Execution (MoSPI).