India is ranked second in the list of the most unequal countries in the world. This information strikes harder when you consider that India is the 10th richest country in the world. The wealthiest 1 percent of India owns 54% of the nation’s wealth whereas the average wealth owned by Indian citizens amounts to less than 5 USD. The situation is as pathetic as it can get and no amount of reforms seems to have had too much of an effect. This unequal distribution of wealth is one of the greatest impediments to economic growth in India. Unless the issue is addressed our nation will be led straight into the vicious pits of all pervading poverty.
Easily recognizable reasons behind inequality
There may be deep economic theories dissecting the problems that plague India but some problems are readily perceptible to the naked eye. Let us see what those are.
- Economic backwardness of farmers
- Unequal access to education
- Lack of transparency
- Fraudulent transactions
- Natural causes
How can data analytics help?
Data has been working as a guiding force in every industry for over a decade now. The incremental adoption of data centric methods to conduct businesses is being fondly referred to as the fourth industrial revolution. It may be possible to redress economic inequality in India by integrating data analytics to policy making, resource management, and digital security.
Identification of the problem
Instead of following loosely constructed popular notions to locate problematic areas, it is important to base the judgement on analyzed data. The first application of data analytics should be finding out the problems.
The government allocates funds to address different issues in the country. If the policy makers use analytical models to augment their decisions regarding resource allocation, then the distressed sectors of the population may receive some relief.
The data analytics industry is creating plenty of opportunities for young aspirants across the country. Hence, candidates with data analytics certification can help bridge the skill gap in India on one hand and participate in the data centric growth of the nation’s economy on the other.
Applications data analytics to address the issue at hand
Data analytics has been used by financial institutes for quite some time to detect fraud and to predict loan defaults. Similar policy can be adopted by the government to detect fraudulent behaviour, bring transparency in allocation of resources, and to minimize corruption in the public sectors. Making sure that everyone gets their due is a good starting point.
Analytics to boost agriculture
The Government has been collaborating with the private sector to formulate technology based solutions for the farmers of India. There are applications which are loaded with climate data and that can perform real time soil data to pre inform the farmers with critical insight regarding the possible yield of a land, time of cultivation, type of fertilizer, etc. This can make a huge impact on the agricultural industry in India.
Analytics for healthcare
The healthcare sector is one of those sectors where the economic inequality is felt the most strongly. Data analytics can be used to minimize the cost of treatment by hastening diagnosis with the help of data. Data driven solutions can also be used to provide cheaper medicinal options for patients.
Data analytics to transform education
Unequal distribution of education can be tackled through positive utilization of data science. Schools and colleges have been using analytical models to identify potential dropouts and take preventive actions. There are a lot of efforts to optimize curriculums to cater to practical needs of the students. There is an increasing number of free educational resources to help students get through school. Data analytics institutes have given a great alternative to IT education to students with a knack for numbers.
These are just some of the many areas where data analytics can exercise a positive impact in terms of minimizing economic inequality in India. This is not a kind of problem that can be resolved overnight. It will take a lot of focused efforts by dedicated professionals to mitigate inequality and drive the nation towards allround growth. Data analytics can be one of the key weapons of economic reforms in India. You should read more about why you should study big data analytics. The NITI Ayog has already taken positive steps towards integrating advanced analytics and data science technologies in several processes in the public domain. These are welcome efforts, and there will surely be many more of such ventures in the future.