Quantta Index

Quantta Index predicts a GDP Growth Rate of 7.83% for the first quarter of FY 2018-19

Quantta Analytics, a leading player in the Big Data and Analytics space in India in collaboration with the NITI Aayog has developed a proprietary algorithm to predict the GDP growth rate of India. Using data from several sectors, that drive growth, it predicts a First Quarter growth rate of 7.83% indicating that the Indian Economy is firing on all cylinders. The growth comes on the back of several headwinds, including a hardening of oil prices. India imports approximately 220 million tons of crude oil each year pegged at approximately US $87.725 billion according to the Ministry of Petroleum Planning and Analysis Cell. Also, in the past year the Indian Rupee has depreciated from ~ Rs. 64 to the US Dollar to over Rs. 70 to the US Dollar. Despite this, we expect the Indian economy to do well in the first half of Financial Year 2018-19.

Dr. Rajiv Kumar, Vice Chairman, NITI Aayog said “The Leading Economic Indicator Index being developed by Quantta Index in collaboration with NITI Aayog was put up on the website of Quantta at www.quantta.com/quantta-index on the 29th of August 2019. Their analytically designed and empirically validated estimate of 7.83% Q1 GDP growth are a shade below the GVA of 8.00%. Congratulations to the entire team for being proven right” 

Ritesh Bawri, founder Quantta Analytics said “it is a proud moment for Quantta to work with the highest echelons of Government to provide an advance warning system so that the Government can take proactive action to drive growth in the Indian Economy”  

The proprietary algorithm uses machine learning, that uses data from several sectors such as aviation, railways and cement to predict the state of the Indian economy. The algorithm was tested using ten-year historical data. The model showed over 80% confidence level in predicting the historical GDP figures. Also, the model was able to accurately predict the directionality of the economy. The outcome would be the ability to provide early warning signals to the Government of India for course corrections if any. Quantta worked with a small team at NITI Aayog which provided help and support to develop the algorithm. Quantta is a full stack technology platform focused on the Indian Economy. We have built cutting edge tools to collate, aggregate, and organize behavioral insights into customer behavior.

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