Statistician Barman suggests big data technology for real-time economic insights

Eminent statistician Radha Binod Barman has emphasised the importance of conducting comprehensive economic analysis utilising big data technology to formulate policies in the public interest and to monitor their benefits effectively.

"By reviewing various sources of information such as land registration, bank databases, and digital transactions at both government and private levels, real-time insights into the country's economy and trends of various indicators can be readily understood," suggested Barman, a former chairman of the National Statistical Commission in India, while presenting a keynote at a seminar today.

At the event titled "Changing Horizon of Economic Analysis: A Path for Knowledge Economy" organised by the Bangladesh Institute of Development Studies (BIDS), he also mentioned that general people often cannot know the benefits of various policies implemented by the government.

But in this age of information technology, the concerned in various services can easily capture the information of the beneficiaries.

Binayak Sen, director general of BIDS, who presided over the event held at the BIDS Auditorium, remarked that India has an independent National Statistical Commission overseeing statistical management, whereas Bangladesh lags behind in this aspect.

He noted that there is a lack of overall coordination in statistical management in Bangladesh. For instance, the BBS releases Industrial Production Index data every six months, while the Bangladesh Bank needs to formulate monetary policy every six months.

During an open discussion, speakers emphasised various weaknesses in BBS data and advocated for the establishment of an independent statistical commission.

During the main discussion, Radha Binod Barman emphasised that statistics serve as a potent tool for the general populace to safeguard democracy.

He underscored that understanding what the government is doing for the common people is facilitated through statistics. Additionally, he advocated for the establishment of a high-level committee to ensure that these statistics remain free from influence, bias, or misinterpretation through manipulation.

Barman stressed the importance of this committee's independence, suggesting that it should be constitutionally empowered to safeguard its autonomy.

He noted the existence of a similar national statistical commission in Khartoum and proposed the formation of an independent statistical commission in Bangladesh as well.

Addressing the fundamental concept of big data analysis in the discussion, Barman highlighted that those involved in government management can utilise various user information, ranging from land registration to other services, to ensure effective governance.

The eminent statistician further explained that banks possess data on defaulted loans, ranging from private sector loans to deposits. Additionally, with the widespread issuance of national identity cards, a plethora of information about each individual is now accessible.

He elaborated that digitising the payment system in the household sector enables the tracking of every transaction. Point-of-sale machines, equipped with GIS codes, provide insights into the locations of these transactions.

Moreover, he highlighted that various pieces of economic information are scattered across different platforms. By leveraging big data models, integrated data warehouses can be constructed, consolidating this dispersed data. This amalgamation of information can provide a comprehensive overview of the country's economic landscape.

He concluded by emphasising that appropriate policies for welfare can be formulated through the analysis of data as per the requirements, utilising big data technology.

As a result, it will become evident whether everyone is benefiting from the government's policies or not.

Md Ezazul Islam, executive director (research) of the central bank, highlighted that although the country has made progress in many areas, there still exists a lack of information.

He said there was a need for coordination among various organisations, including the Bangladesh Bank, Planning Commission, and IMED, to enhance the quality of information.

Ziauddin Ahmed, director of BBS, said BBS has initiated producing district-wise GDP data. While GDP data has traditionally been published for the entire year, quarterly GDP data publication has commenced, marking a significant achievement in national accounting.

Binayak Sen also proposed the establishment of an independent commission to ensure the quality of information in Bangladesh. He pointed out that although there is abundant sector-wise information, it often remains outdated, and there is a need for inter-sectoral coordination.

He further suggested the formation of a separate ministry for information management in Bangladesh, similar to the setup in India.