Big data to improve quality of macro-economic aggregates, says government

The Ministry of Statistics and Programme Implementation said on Monday it is proposing to establish a National Data Warehouse on Official Statistics which will leverage technology and use big data analytical tools to improve the quality of macro-economic aggregates.As all these reforms are an ongoing process, it is important that the readers and users understand and appreciate the limitations of data and the challenges in estimation, said the ministry.While undertaking these reforms, it is important to realise that newer data sets and survey results will invariably be used and it would be incorrect to comment that old processes were better than the new, it said."The reforms being undertaken in the ministry will lead to better data sets and better estimates in future. This will be duly deliberated on by the Advisory Committee on National Accounts Statistics (ACNAS) during the base year revision," the ministry said in a statement.Several economic commentators continue to raise questions