Nandan Nilekani, former chairman of UIDAI and co-founder of Infosys, this week pledged by big data. He did this by claiming that he will address problems of jobs and economic growth. In addition to this, he will help small companies to take benefit of loans that have dodged them so far.
“The fact that we are speaking of utilizing big data is not merely some technological hogwash, it is in fact generating a cycle of growth and investment for small businesses of India. These businesses will result to jobs and economic growth,” he claimed to the media in an interview at an event organized by CII.
Big data refers to big composite number sets that are not effortlessly dealing with customary application processing software. It encounters disputes such as storage, capturing data, and data analysis. Nilekani was requested to charge the state of the Indian economy, particularly in terms of entire economic growth and jobs. This was due to the fact that the nation is near to rejoicing its 70th Independence Day.
“With firm turning out to be data rich owing to accessibility of digital footprints via GST, some 8 Million small companies in GST will start receiving loans. When they began receiving loans, they will develop and when they develop, it will generate jobs,” he further added. Small companies were not receiving loans owing to shortage of business information on performance, Nilekani further clarified.
He further claimed that the Reserve Bank of India is doing its best to deal with the problem below the guidance of Urjit Patel, the Governor of RBI. To another question, Nilekani claimed that it is a need to put in place privacy communications to shelter big data since more individuals are utilizing it via mobile phones.
On the problem of having a watchdog for data security, Nilekani claimed that India is waiting for the statement of the Data Protection Committee led by B N Srikrishna, the former Supreme Court judge. Srikrishna is looking into problems of privacy, data security, and sovereignty. He, on the other hand, is not certain what kind of regulator the country would have.