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Big Data Analytics in the Indian Economy

Data has become a central part of the economy and applications in analytics have been proliferating fast from private to the public sector. Data collection and analysis are at the root of critical economic decision-making which makes the socio-economic issues easy to interpret and comprehend, thus playing a pivotal role in economic battles. Big data analytics help the government in infusing transparency into the system, combat fraudulence and deliver public services effectively and efficiently.

The year 2017 will always be known to have triggered off this big data journey with Demonetization and GST being the two notable data-driven policies injected into the system coupled with the shift in focus to the macroeconomic issues like Aadhar data collection which gained an edge to bring economic reforms. Using big data analytics, the following few untapped areas can positively impact the government:

1)      Tax and Welfare: The ‘Project Insight’ rolled out by the Indian govt. used data mining techniques to counter tax evasion in 2017. It also helped in tracking down deregistered firms and gathered information about black money potholes in existence.

2)      National Security:  The uncertainties faced by national security officers with regards to the unpredictable security situation can be overcome by the use of analytics thus enabling them to combat crime attacks easily.

3)      Healthcare: Healthcare system in India has the opportunity to leverage big data analytics on the data emanating from biometric, patient records and thus provide actionable insights with greater prediction power contributing to effective public health.

4)      Education:  Ranking second in terms of student enrollment,  the titanic amount of student data can be analyzed to predict statistical figures and would help in efficient budget allocation.

In addition to these, analytics has also entered the farming sector where the concept of geo-tagging the entire agriculture infrastructure was implemented. Although the entire process is still in its infancy, the outcomes that big data analytics present to the Indian economy are much more effective. Though big data analytics have not been used in policymaking yet, the budget allocation hints at a widespread adoption of artificial intelligence and big data analytics in the Indian economy.

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