The Economic Survey has called for creation of ‘data’ as a public good. What could be the benefits of creation of data as a public good?
Answer: A public good is a commodity or service that is provided without profit to all members of a society, either by the government or by a private individual or organization.
Economic Survey has called for creating and harnessing data as a public good. The reasons for this are manifold:
- Promoting Research & Innovation: Private and government companies use government data like Census data for carrying out research and creating economic models. Hence investing in data compilation and making it public can help in promoting research and innovation in the country.
- Objective Decision-Making: A 2017 Forbes survey found that 53% of ....
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