New techniques for forecasting growth and inflation

• Start date जून, 2020
• Completion date मई, 2021
• Sponsor Department of Economic Affairs, Ministry of Finance
• Project leader Sabyasachi Kar and the Macro-finance group
• Focus

  This working paper conducted a critical review of the literature concerned with using Big Data and machine learning techniques to forecast gross domestic product (GDP) growth and inflation, along with examining their applicability in the context of a developing country, taking India as a case-study. It will first address existing issues in data collection for GDP growth and inflation forecasting and issues related to Big Data. It reviewed of pre-existing forecasting techniques in the context of India and their efficacy, moving on to examining the advantages and disadvantages of machine learning techniques in the context of a developing country.