Informist, Friday, Jun 28, 2024

MUMBAI – The Reserve Bank of India aims to develop cutting edge systems for high-frequency and real-time data monitoring and analysis, Governor Shaktikanta Das said today.

"I am sure that our statisticians in the Reserve Bank will continue to strive for excellence and meet the emerging information and research needs of our economy in its journey towards even higher levels of development," Das said at the 18th Statistics Day Conference organised by the RBI's department of statistics and information management.

He said that the RBI was also making efforts to harness the availability of huge computing power and growing digital footprints to analyse measures of expectations, sentiment indicators, and policy credibility measures from alternative data sources.

"Let me add that the use of alternative and unconventional data sources proved to be invaluable during the most severe phases of the COVID-19 related lockdowns and restrictions," Das said. "In fact, their utility extends beyond periods of crisis."

Data management systems, Das said, must keep pace with the use of unconventional data sources as policy inputs. He also highlighted the importance of eliminating "noise" and capturing "the signals" from high-frequency indicators. End

Reported by Richard Fargose

Edited by Avishek Dutta

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