RBI Governor Das stressed the need to eliminate biases in algorithms
RBI Governor Shaktikanta Das stressed the need to eliminate biases in algorithms at the 18th Statistics Day Conference organized by the Reserve Bank of India (RBI). The use of statistics is steadily increasing as a preferred tool to draw conclusions in various fields. This shift has allowed statistics to become an integral part of other major disciplines.
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There is an imperative need to rid algorithms of biases as AI and ML are on the rise," RBI Governor Shaktikanta Das said on Friday.
He said while inaugurating the 18th Statistics Day Conference organized by the Reserve Bank of India, the use of statistics is steadily increasing as a preferred tool to conclude various fields, and this art/ discipline is moving beyond the collection of facts to focus more on interpretation and drawing conclusions taking into account the level of uncertainty.
Das said this paradigm shift has enabled the complete diffusion of statistics into other significant disciplines. This is not only a question of statistical methods; enhanced computing powers have additive roles in increasing efficiency in decision-making and enriching the end user's experience in most fields of human knowledge.
Looking ahead, he said, the year 2025 is remarkable for the compilation of official statistics worldwide. Global efforts are likely to fructify new international standards for compiling macroeconomic statistics, particularly national accounts, and balance of payments. He said the Reserve Bank team is closely monitoring these developments.
The RBI is trying to leverage expectations, sentiment indicators, and policy credibility measures that could be gleaned from alternative data sources against the availability of enormous computing power, as well as an increasing digital footprint.
He also added that digital data stored, along with storage capacity, is increasing rapidly and throwing up new opportunities and challenges. The next step has, of course, been strengthening capabilities in Artificial Intelligence and Machine Learning techniques and analysis of unstructured textual information. Whenever that is done, he added, ethical considerations have to be flagged off and biases in algorithms removed. The Reserve Bank entered the areas of AI/ML analytics. He added in explaining the aspirational goals of RBI@100, "The Reserve Bank aspires to develop state-of-the-art systems for high-frequency and real-time data monitoring and analysis.".
