The Reserve Bank organized its 17th Annual Statistics Day Conference as a part of the ‘National Statistics Day’ celebrations in memory of the Late Professor Prasanta Chandra Mahalanobis, who made invaluable contributions to the Indian statistical system and economic planning.
On this occasion, Shaktikanta Das, Governor launched the Reserve Bank’s next-generation data warehouse – the Centralised Information Management System (CIMS). In his inaugural address, the Governor highlighted the importance of robust and timely data as well as statistical analysis in policy making. He pointed out that the Reserve Bank treats data as a “public good” and periodically undertakes an upgradation of its own technology infrastructure to support seamless information management including through continuous engagement with regulated/reporting entities. These efforts have paid rich dividends in terms of improving coverage, quality and timeliness of data.
Professor S Srinivasa Varadhan, Padma Vibhushan and Frank J Gould, Professor of Science at the Courant Institute of Mathematical Science, New York University, delivered the PC Mahalanobis Memorial Lecture titled ‘Rare Events, Large Deviations and Small Probabilities’. The findings of four research studies on G20 economies were presented by internal researchers. Dr. OP Mall, Executive Director, addressed the participants on the way forward for statistical activities in the RBI.
In his talk on ‘Statistics Shape the Setting of Monetary Policy’, Dr Michael Debabrata Patra, Deputy Governor shared a user’s perceptions on how statistics informs and empowers the conduct and implementation of monetary policy in India.