ENA Sectors 2025-01-16 14:06:04 <p><span style="font-size:14px"><strong>New Delhi, Jan 16 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">The ministry is currently conducting comprehensive analyses of various sectors, comparing current data with historical trends to establish growth patterns and export resilience.</span></p> <p><span style="font-size:14px">The platform, which is in its final stages of development, will provide deeper analytical capabilities for trade data interpretation.</span></p> <p><span style="font-size:14px"> 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.</span></p> <p><span style="font-size:14px">This initiative comes amid recent efforts to strengthen data accuracy following discrepancies in gold import figures.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The committee is specifically working on improving coordination between the Directorate General of Commercial Intelligence and Statistics (DGCIS) and the Directorate General of Systems.</span></p> <p><span style="font-size:14px">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).</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 40666 https://knnindia.co.in/news/newsdetails/sectors/govt-to-launch-ai-powered-data-analytics-platform-for-enhanced-trade-insights 2025-01-16 14:06:04 knnindia.co.in