An open data ecosystem in the country will add $22 billion to India’s gross domestic product by 2022, The Economic Times reported, citing a joint study by the Ministry of Electronics and Information Technology (MeitY) and Yes Bank.
The report added that the open data ecosystem will double farmers' income by 2022, provide universal health coverage and offers small and medium enterprises microloans.
Benefits notwithstanding, the study also pointed out that the Open Data project has many lacuna to be filled before it can fully utilised.
“Firstly, data is collected from citizens for citizen welfare and should therefore be shared with them. Secondly, data like government budget usage, welfare schemes and subsidies increases transparency, thereby building greater trust," Rana Kapoor, CEO of Yes Bank, was quoted as telling ET.
He added that the new open data ecosystem holds potential for 'bottom of the pyramid' customers.
The country already has an open data ecosystem and publishes datasets from various government departments via data.gov.in. The datasets are from sectors such as agriculture, banking, economy, telecom and air pollution among others.
However, the study showed that these datasets are very minimally in India and to increase usage, it recommends that the data stacks are made complete through machine learning engines or direct application programming interfaces. Besides, new technologies such as Internet of Things and blockchain can not only automate information but also ensure data security.