Time is now ripe for an integrated platform to monitor the Indian economy with data-driven analytics

economictimes.indiatimes.com:

In order to effectively analyze the critical sectors of Indian economy, it is imperative to harness the vast amount of data collected by the Central and State governments, various ministries, as well as other external sources. This data can provide critical insights into the driving factors and key indicators that shape the economy, enabling policy makers to develop impactful schemes and initiatives.

However, despite the abundance of data, it is spread across various ministries and departments, impeding its boundless potential of discovery, interoperability and cross-sectoral analytics. The absence of a centralized and intuitive system for visualization and data analysis impedes the extraction of meaningful insights.

As a result, policymakers, researchers and users face significant challenges in retrieving valuable information from the available data. To address this pressing issue, there is a crucial need to establish a comprehensive and robust solution that transforms the data published by various government departments and ministries into actionable intelligence.

By employing visualization techniques and advanced analytics, we can unlock the potential of the data and empower decision makers with real-time, data-driven insights. In this regard, Government of India has taken various initiatives like the National Data Analytics Platform developed by NITI Aayog to make published government data accessible, interoperable, interactive and available on a user-friendly platform.

MoSPI has also developed a dashboard for monitoring the key performance Indicators of the economy such as GDP, IIP, CPI & MPLADS. API Setu developed by Meity has also published 3530 APIs which can easily be integrated with e-governance applications