rbi: After Covid, RBI looking at new sources of data: Governor Shaktikanta Das – Times of India
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MUBAI: The RBI is using new software tools that help it analyse unstructured data and forecast the immediate future. This helps provide inputs for policies and monitor progress. The RBI’s decision to go beyond the standard offering for macroeconomic conditions is a fallout of the Covid shock that disrupted the compilation of critical official statistics.
Speaking at the central bank’s annual statistics conference in Guwahati, RBI governor Shaktikanta Das said newer data sources that
have a higher frequency than the traditional macro statistics are now used to assess movements in critical variables, such as consumption and production.
“There is a need to augment the array of alternative statistics, to complement the regular aggregates. The unconventional data sources, and even micro volumi- nous data collected as part of traditional statistical systems — falling under the general ambit of Big Data — has gained traction. We are past the stage of asking ‘if or whether we should use’ to ‘how efficiently and effectively we can use’ them,” said Das.
“At the Reserve Bank, we are making headway in text mining, nowcasting, on-line data-based indices and the use of Big Data analytics and machine learning algorithms,” said Das.
Speaking at the central bank’s annual statistics conference in Guwahati, RBI governor Shaktikanta Das said newer data sources that
have a higher frequency than the traditional macro statistics are now used to assess movements in critical variables, such as consumption and production.
“There is a need to augment the array of alternative statistics, to complement the regular aggregates. The unconventional data sources, and even micro volumi- nous data collected as part of traditional statistical systems — falling under the general ambit of Big Data — has gained traction. We are past the stage of asking ‘if or whether we should use’ to ‘how efficiently and effectively we can use’ them,” said Das.
“At the Reserve Bank, we are making headway in text mining, nowcasting, on-line data-based indices and the use of Big Data analytics and machine learning algorithms,” said Das.
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