Mumbai
To create state-of-the-art systems for high frequency and real-time data monitoring and analysis, the Reserve Bank has made many forays into artificial intelligence (AI) and machine learning (ML) analytics, according to RBI Governor Shaktikanta Das on Friday.
During the opening of the RBI’s 18th Statistical Day Conference, Das stated that improving AI and ML capabilities and analyzing unstructured textual data are currently the main areas of focus. Algorithm biases must be removed and ethical issues must be addressed when doing this.
He claimed that this yearly occasion offers a chance to consider how the statistical system is doing both now and in the future. Taking stock of the advancements made in the use of statistical techniques and technology in the field of public policy is also beneficial.
In terms of global official statistics compilation, the year 2025 holds particular importance. It is anticipated that international initiatives will result in new worldwide standards for the collection of macroeconomic data, particularly for balance of payments and national accounts. The RBI Governor stated, Our team at the Reserve Bank is closely tracking these developments.
According to him, the increase in computational power is being used more and more in conjunction with statistical techniques to enhance end-user experience and decision-making efficiency across a range of human knowledge domains. In India, Statistics Day is observed on the anniversary of Professor Prasanta Chandra Mahalanobis’ birth, whose groundbreaking work laid the groundwork for contemporary government statistics in India.
