Big data 'the new oil' for growth, says statistician

Big data, artificial intelligence and machine learning offer great potential for deeper insights into various aspects of economics, according to eminent statistician Dr Radha Binod Barman.
He argues these advancements can be instrumental in enhancing well-being and productivity. Besides, they can also contribute to competitiveness, innovation, governance and distributive justice.
Likening it to the "new oil", Dr Barman elaborated on the crucial role of data in today's world while speaking at a seminar in Dhaka on Monday.
The Bangladesh Institute of Development Studies (BIDS) organised the programme.
Dr Radha Binod Barman, the former chairman of the National Statistical Commission of India, presented a keynote paper titled 'Changing Horizon of Economic Analysis: A Path for Knowledge Economy' at the seminar.
In the paper, he underscored managing the data lifecycle and its relationship with insights through spatial big data in a cloud environment.
This comprehensive approach, he said, requires careful planning and could take years to fully establish.
Dr Barman called for developing a roadmap for harnessing big data potential, saying, "The technology can enrich and stimulate econometric analysis based on cause-and-effect relationships."
This analysis ultimately leads to more effective policy-making for inclusive growth within the knowledge economy, he said.
"A bottom-up approach is bound to be far more effective for informing policy for pursuing inclusive growth, as part of the knowledge economy," he said.
While knowledge is important, he said, the driving force of any society in its journey for prosperity is creativity, entrepreneurship and innovation.
He sees the role of policy as guiding change, removing obstacles and facilitating its smooth implementation.
Monitoring, evaluation and timely follow-up actions are equally important, which big data can expedite, he said.
He said cultivating a strong analytical base provides a very good understanding of ground realities.
Through micro-macro linkages we can approach economics in all the three ways: by way of history, economic theory and statistics, he said.
Dr Binayak Sen, director general of BIDS, said Bangladesh needs decentralised governance to effectively utilise big data and data warehouses.
He also said that intersectoral coordination can strengthen and expedite the use of big data in addressing economic issues.
Dr Sen suggested that the Ministry of Statistics and the Statistical Commission could spearhead this process.

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