India Requires Regional Dimensions Of National Indicators: RBI

The RBI governor, Shaktikanta Das, speaking at the central bank's annual 'Statistics Day Conference' mentioned that the statistical innovations arising out of the COVID-19 disruption will have long-lasting benefits. Given its vastness and geographical diversity, India requires regional dimensions of national indicators. RBI should aim at enhanced granularity, regularity and better validation. In the Reserve Bank, information is treated as a 'public good'. The central bank envisions to keep calibrating the information management systems to the needs and expectations of various stakeholders. Meanwhile, the proliferation of internet has led to an explosion in the availability and demand for data. Businesses are making large investments to predict the behaviour of consumers by exploiting the advances made in the field of data analytics. Amidst this inundation of data and inferences, it is important that peculiarities and nonconformities are subjected to robust statistical analysis and peer review before deriving conclusions.

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