In India, the financial services industry has been one of the first to adopt new technologies. It has been changing over time. Indian financial institutions are using AI-powered solutions to find new ways to make money, cut down on costs, and automate tasks that used to be done by hand.

A lot of the tasks have already been given to machines. Financial companies are also using AI to make systems safer and more open so they can find and stop payments fraud and make sure people are who they say they are. It is done to meet the rules for Anti-Money Laundering (AML) and Know Your Customer (KYC).

Department of Economic Affairs

The Department of Economic Affairs maintains all national financial and economic records. The monthly economic report, the national summary data page, and details about the nation's borrowing by the central government and external debt are included. 

India's economy has changed from a mixed-planned economy to a mixed middle-income developing social market economy with a large public sector in key areas. 

From 1947, when India was independent, until 1991, each new government followed the Soviet model and pushed protectionist economic policies. These policies included a lot of Sovietization, state intervention, demand-side economics, natural resources, bureaucrats-run businesses, and financial regulation. 

GDP growth has been between 6% and 7% yearly since the beginning of the 21st century. For most of history, the Indian subcontinent had the biggest economy in the world. That is until colonialism started in the early 1800s. In nominal terms, India will make up about 3.4% of the world economy in 2022 and 7.2% in PPP terms.

National financial and economic data

The Department of Economic Affairs has the following datasets available: 

External Debt

Under the established convention, India's external debt data is published quarterly, accompanied by a one-quarter lag. The compilation and publication of statistics for the initial two quarters of the fiscal year (ending in March and June) is carried out by the Reserve Bank of India. Conversely, the Ministry of Finance, Government of India, is responsible for compiling and disseminating data for the final two quarters (ending September and December). Furthermore, the Government of India publishes an Annual Status Report on External Debt, comprehensively analysing the nation's external debt position.

Public Finance Statistics

An annual publication, "Indian Public Finance Statistics", is compiled by the Economic Division of the Ministry of Finance's Department of Economic Affairs. This data thoroughly examines the budgetary activities conducted by both the Central and State Governments. Furthermore, this dataset encompasses Annual Plan expenditures and the financing patterns that govern them, as well as trends in domestic saving and investment, state net domestic product, and other relevant aspects.

You can access the other following datasets at the Department of Economic Affairs

• Central Government Borrowings
• National Summary Data page
• Monthly Economic Report
• Overseas Direct Investment ODI
• Debt Statistics Middle Office
• QEDS 

Conclusion

The Indian government has been working on building a complete AI ecosystem for the country. There are three parts to India's National Strategy for Artificial Intelligence. The first is economic growth that benefits everyone, which makes India the best place to build world-class technology solutions.

AI-powered solutions are helping Indian banks increase revenue, cut costs, and automate manual processes. Machines handle many routine tasks. Furthermore, Financial institutions are also using AI to improve security and transparency in systems for payments fraud detection and prevention and identity verification to meet AML and KYC regulations. 

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