India Is Moving Towards Accurate Economic Data With Artificial Intelligence

India Is Moving Towards Accurate Economic Data With Artificial Intelligence

India is using artificial intelligence to get more refined economic data. The Ministry Of Statistics is trusting artificial intelligence processes to analyze and report all of its economic data.

As India is pacing towards a bigger global goal, the need for faster and refined data is more than ever. To tackle the hindrances like unsubstantial and delayed data, the Ministry Of Statistics is trusting artificial intelligence processes to analyze and report all of its economic data. With the help of a $60 million program from the World Bank, the ministry plans to collate real-time data. “End-to-end automation will enhance the quality, credibility, and timeliness of data”, says Statistics Secretary Kshatrapati Shivaji.

What Does This Mean? Years of dependency on manual processing have been a pressing issue for the country to authenticate its economic data amidst controversies. The pandemic has exposed the inadequacies of conventional methods to procure economic data.

With a population as vast as 1.3 billion, India had to suspend field surveys owing to the lockdown. As only 20% of the total population knows how to use the internet, this led to gaps in the monthly retail inflation numbers. This void is being taken care of using phone surveys, but the ministry is on its way to establish an electronic survey system along with digital databases.

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