The Genius Behind The Union Budget: Prasanta Chandra Mahalanobis | The Father of Statistics
Did you know Mahalanobis is the Genius behind the Union budget or let's say Interim Budget?
Prasanta Chandra Mahalanobis, revered as the Father of Statistics in India, was a pioneering economist and statistician who significantly influenced the country's economic policies. Born in 1893, his notable accomplishment was the establishment of the Indian Statistical Institute in 1931, serving as a hub for statistical research and education.
Mahalanobis played a crucial role in shaping post-independence economic planning, introducing statistical methods to analyze and guide policies. His Mahalanobis Model became instrumental in formulating Five-Year Plans, showcasing his commitment to a data-driven approach for India's development. His enduring legacy is evident in the integration of statistical techniques in the Union Budget process, solidifying his status as a key figure in India's economic history.
What is Interim Budget?
An Interim Budget is a financial statement presented by the government in an election year or when a new government is about to take office. It covers the government's expenses and revenues for a short period until a full-fledged budget can be presented by the new government.
What is Statistics?
Statistics is a branch of mathematics that involves collecting, analyzing, interpreting, presenting, and organizing data. It provides a framework for making inferences from data, enabling decision-makers to understand and draw conclusions from numerical information in various fields such as economics, science, and social sciences.
What is Data?
Data refers to raw facts, figures, or information that can be collected, recorded, and analyzed. In a broader sense, data is the foundation for generating meaningful insights and making informed decisions. It can take various forms, including numbers, text, images, and more, and is crucial in fields like statistics, research, and business analytics.
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