Mumbai: The reserve Bank of India It is using new software tools that help it analyze unstructured data and predict the immediate future. It helps provide inputs for policies and monitor progress. The RBI’s decision to go beyond the standard offering for macroeconomic conditions is a result of the Covid shock that disrupted the compilation of important official data.
RBI Governor, speaking at the annual statistics conference of the central bank in Guwahati Shaktikanta Daso The new data sources said that
Has a higher frequency than traditional macro statistics, which are now used to assess movements in important variables, such as consumption and production.
“There is a need to increase the array of alternative data to complement regular aggregates. Unconventional data sources, and even microscopic amounts of data collected as part of traditional statistical systems – fall under the general scope of big Data – Gained traction. Das said, we are past the stage of asking ‘whether we should use it or not’ to ‘how efficiently and effectively we can use it’.
“Feather Reserve BankWe are making progress in text mining, nowcasting, on-line data-based indexing and the use of big data analytics and machine learning algorithms,” Das said.
RBI Governor, speaking at the annual statistics conference of the central bank in Guwahati Shaktikanta Daso The new data sources said that
Has a higher frequency than traditional macro statistics, which are now used to assess movements in important variables, such as consumption and production.
“There is a need to increase the array of alternative data to complement regular aggregates. Unconventional data sources, and even microscopic amounts of data collected as part of traditional statistical systems – fall under the general scope of big Data – Gained traction. Das said, we are past the stage of asking ‘whether we should use it or not’ to ‘how efficiently and effectively we can use it’.
“Feather Reserve BankWe are making progress in text mining, nowcasting, on-line data-based indexing and the use of big data analytics and machine learning algorithms,” Das said.