Empowering MSMEs with News & Insights

Govt To Launch AI-Powered Data Analytics Platform For Enhanced Trade Insights

Updated: Jan 16, 2025 02:06:04pm
image

Govt To Launch AI-Powered Data Analytics Platform For Enhanced Trade Insights

New Delhi, Jan 16 (KNN) The government is developing an advanced data analytics platform powered by artificial intelligence to enhance insights into national trade statistics, Commerce Secretary Sunil Barthwal announced on Wednesday.

The ministry is currently conducting comprehensive analyses of various sectors, comparing current data with historical trends to establish growth patterns and export resilience.

The platform, which is in its final stages of development, will provide deeper analytical capabilities for trade data interpretation.

"We are working on that project. It may be launched at any time," Barthwal told reporters, emphasising the platform's ability to deliver improved data insights and analysis of export resilience patterns.

This initiative comes amid recent efforts to strengthen data accuracy following discrepancies in gold import figures.

The ministry has established an inter-ministerial committee, comprising officials from both commerce and finance ministries, to develop a robust mechanism for publishing consistent and accurate trade data.

The committee is specifically working on improving coordination between the Directorate General of Commercial Intelligence and Statistics (DGCIS) and the Directorate General of Systems.

The need for enhanced data accuracy became apparent following the discovery of double counting in precious metals data, which occurred during the migration of data transmission systems from Special Economic Zones (SEZ) to the Indian Customs Electronic Gateway (ICEGATE).

This led to a significant revision of gold import figures, including a $5 billion downward adjustment in November's data to USD 9.84 billion. The review revealed excess imports of approximately USD 11.7 billion during the first eight months of 2024-25.

The DGCIS, based in Kolkata, manages an extensive network of data collection, processing daily information from over 500 locations and approximately 250,000 transactions across various ports and inland container depots.

Barthwal explained that data updates, revisions, and reconciliation are routine processes aligned with international practices, including the International Monetary Fund's requirement for monthly data releases on the 15th of each month.

(KNN Bureau)

COMMENTS

    Be first to give your comments.

LEAVE A REPLY

Required fields are marked *