RBI report says satellite lights, Google Trends improve growth estimates
In short
An RBI report says satellite lights and Google Trends can help estimate state growth better. The summary says the method cut errors in quarterly growth estimates by up to 62% in three industrial states.
This matters for policymakers and analysts who track the economy. The report does not name the states or say when the method will be used.
What the reporting says
An RBI report said combining night-time satellite lighting and Google Trends data can improve state growth estimates. The summary says the approach cut errors in quarterly growth estimates by up to 62% across three industrial states. The reporting does not identify the states, the report’s date, or whether the method will be used in official forecasts.
Why it matters
An RBI report said combining night-time illumination data with Google Trends can improve quarterly state growth estimates, with errors reduced by up to 62% across three industrial states. That points to a better nowcasting tool for economists and policymakers. However, the reporting does not name the states, describe the model in detail, or say whether the RBI will adopt it in regular official practice.