Dr. Barman advocated for the development of a strategic roadmap to harness the potential of big data.

In a recent seminar organized by the Bangladesh Institute of Development Studies (BIDS), eminent statistician Dr. Radha Binod Barman shed light on the transformative potential of big data, artificial intelligence, and machine learning in driving deeper insights into economic dynamics. Dr. Barman, former chairman of the National Statistical Commission of India, emphasized the pivotal role of data in today's world, likening it to the "new oil".

During his keynote address titled 'Changing Horizon of Economic Analysis: A Path for Knowledge Economy', Dr. Barman elaborated on the significance of managing the data lifecycle and its correlation with insights derived from spatial big data within a cloud environment. He stressed the importance of careful planning and highlighted that establishing a comprehensive approach could take years to fully realize.

Dr. Barman advocated for the development of a strategic roadmap to harness the potential of big data, emphasizing its ability to enrich econometric analysis based on cause-and-effect relationships. He underscored that leveraging technology in data analysis facilitates more effective policy-making for inclusive growth within the framework of a knowledge economy.

Dr. Binayak Sen, Director General of BIDS, echoed Dr. Barman's sentiments, highlighting the need for decentralized governance to effectively utilize big data and data warehouses in Bangladesh. The insights shared by Dr. Barman underscore the transformative potential of big data in driving economic growth, innovation, and governance. With strategic planning and collaboration across sectors, Bangladesh can harness the power of big data to propel its economic development journey forward.