Kolkata, Jan 12 (ANI): Stating that statistics is the bedrock of modern evidence based analysis and policy making, Finance Minister Pranab Mukherjee on Thursday said it is an area where the endeavour should be to constantly improve the relevant institutional practices and methodologies for data collection, compilation and analysis, as well as the knowledge and skill base of the professionals engaged in the subject.
In his address at the 46th convocation of the Indian Statistical Institute (ISI) in Kolkata, Mukherjee said: "Prof. P C Mahalanobis, the founder of ISI, had realized that a developing country like India would require statistical and data analysis skills and therefore it was imperative to set up an institution of excellence engaged in research, teaching, training and application of statistics. During the 1930s nearly all the statistical work done in India was done by ISI and the tradition is still continuing."
"The early statistical studies included analyses of data on the status of Agro-Indians, meteorological data, rainfall data and data on soil conditions. Some of the findings of these studies were of great impact in areas of vital importance like control of floods and development of agriculture, and led to the recognition of statistics as a key discipline capable of delivering enormous value in the progress of the society," he added.
Mukherjee said statistics plays an even bigger role in an era of rapidly advancing technology and information connectivity.
"The tremendous improvement of internet and related technologies has made a wide variety of data available. Organizations in the public and private domains have huge demand for skills that help in making sense of this large mass of data," said Mukherjee.
"There are many industry segments like retail, banking and insurance, utilities and software services that require handling bulk data using sophisticated statistical tools. Specific services like direct marketing are almost completely data driven," he added.
Asserting that the global economy at present is going through turbulent times, Mukherjee said: "In this era of uncertainty, understanding the economy, analysing the trends and risks, developments in technology and principles of quality control and its management plays an immensely important role. This is a period of massive challenge as well as great opportunity for people trained in the fields of Statistics, Mathematics, Economics, Computer Science, Quality Control, Reliability and Operations Research."
The Finance Minister further said the ISI has made many noteworthy contributions towards development of the nation.
"Formation of National Sample Survey Organisation on the basis of the proposal from P.C. Mahalanobis was an important contribution. The second five year plan was chalked out at ISI under the guidance of Prof. Mahalanobis. ISI started the quality control movement in the nation. ISI has all along been playing a pioneering role in theoretical and applied research, teaching, training and application in these areas," said Mukherjee.
"There are many contributions in these areas that have helped the nation to solve problems of wide variety. I am sure that bright young minds associated with this institution would continue to make many more contributions to the nation at large and will make all of us proud of their achievements," he added.
In his message to the passing out students of the ISI, Mukherjee said that the world-class training that you have received from this prestigious institute would be of great help to you in future - irrespective of whether you choose a career in academics, industry or government.
"I am also sure that you will do justice to the education you have received and would give back to the society much more than what you have received. I appeal to you to adopt the values of Indian education to build your character and conduct congenial to the social life of our nation and to build up your self confidence in pursuing your prospects," said Mukherjee.
Further congratulating the graduates on their successful completion of their academic programs, Mukherjee said: "You are the future of the nation and I sincerely hope that all of you achieve the maximum you are capable of. I wish you all success in your future endeavours."
"Let me also urge the faculty and the staff of this institution to do their best in upholding the academic tradition and excellence of ISI in the times to come," he added. (ANI)
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