AI-Driven Platform to Revolutionize Trade Data Analysis

The government is developing an AI-powered data analytics platform to improve insights into trade figures. A joint committee of commerce and finance officials is addressing previous data errors, aiming for consistent and accurate reporting. The initiative responds to earlier double-counting issues in gold import statistics.

In a bid to enhance the accuracy of trade statistics, the government is building a data analytics platform powered by artificial intelligence to provide deeper insights into the nation's trade figures, according to Commerce Secretary Sunil Barthwal.

The initiative comes as the ministry scrutinizes various sector data, comparing current statistics to historical data to assess growth and export resiliency. Aiming for improved data accuracy, a joint committee with the commerce and finance ministries is refining systems following errors in gold import figures.

The revision became necessary after transitioning data mechanisms from the special economic zone to the Indian Customs Electronic Gateway, which led to double counting. Consequently, gold import numbers for November were revised down by USD 5 billion to USD 9.84 billion.

(With inputs from agencies.)