Monday, 19 August 2019 06:00

Data analytics unit in action for Sri Lanka's economic efficiency

The Analytics Unit of the Ministry of Economic Reforms and Public Distribution is now fully equipped with A group of professionals recently passed out from universities for the collecting and analysing data for decision making in solving critical economic issues.

Non-Cabinet Minister of Economic Reforms and Public Distribution Dr. Harsha de Silva said that this unit is capable of driving entirely unprecedented paradigms of development in nearly every sector in the country.

This unit has the ability to crunch data and arrive at feasible solutions for economic issues to enable political leaders to endorse it.
Dr. de Silva expressed the belief that harnessing of data from multiple platforms would provide opportunity to use data analytics to improve the economy and mange the financial system efficiently.

This unit will be a think-tank in handling cost of living issues; he said pointing out that price control is viable in a competitive market.

Price control could be imposed for certain goods in tackling high cost of living, he said.
Dr. de Silva, who is also the convener of the cost of living committee, has considered ways and means to intervene in the market in a broad sense.

He added that his ministry is working in close collaboration with the Consumer Affairs Authority (CAA) which is the authority in imposing price controls on essential commodities including gas, milk powder and cement.

He disclosed a pricing formula for LP gas will be introduced following the termination of the Supreme Court case as the matter is now in court.

Measures will also be taken to transform into an independent national statistics office in accordance with recommendations from a panel appointed for this purpose.


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