Need to think of data as infrastructure, says CEA K V Subramanian

wayne


should be thought of as that must be invested upon like highways and airports, Chief Economic Advisor K V Subramanian said on Tuesday.


Addressing a virtual event here, Subramanian said it is not just ease of doing business, but also ease of living that has to be enhanced using



“We need to think of as a public good… data should be thought of as that must be invested upon, much like highways, airports etc,” he said.



“Large scale data has to be extracted without violating any privacy laws. Data must provide a 360 degree view of an individual,” he added.


Subramanian further said data can be used in areas like agriculture, manufacturing, behavioural economics and MSME sector for improving productivity.


“I am extremely bullish on the start-up economy for enabling ease of living,” he said, adding that India has the second largest start-up ecosystem in the world.


Subramanian pointed out that there is ample amount of data, especially administrative data, for use by start-ups.

Dear Reader,

Business Standard has always strived hard to provide up-to-date

Firms finding it hard to balance ESG with profits, says Eugene Fama

wayne


across the world are finding it difficult to balance environmental, social and governance (ESG)-focused investing with profitability, and regulators too aren’t thinking hard about it, said Eugene Fama, the 2013 Nobel Prize winning economist.


“People are willing to pay more for products that are environmentally sustainable. There are goals and profitability goals. I hope products and profitability are compatible. I don’t think regulators are thinking enough about this either,” said professor Fama at the annual RH Patil memorial dialogue on Tuesday.



Fama, known for his empirical work on portfolio theory, asset pricing, and the efficient-market hypothesis, was speaking to Uday Kotak, managing director and CEO of Kotak agreed that there is a “fundamental dichotomy between returns and ESG”.


According to Fama, low-cost index funds are inherently better than managed funds, as markets are efficient. “It’s not only better, but it’s also cheaper,” the Nobel Laureate said, adding that a small investor should just go with the market.


Fama, who used computers for his studies back in 1962, when very few had even seen one, does not believe that artificial intelligence (AI)-led

IS Supporter Who ‘Fooled’ The System

wayne

The gunman responsible for an attack in Vienna which left four people dead on Monday night was a convicted supporter of the Islamic State (IS) group who the government says “fooled” official de-radicalisation efforts.

The 20-year-old, named as Kujtim Fejzulai, was shot dead by police and was armed with a shortened Kalashnikov, a handgun, a machete and a fake explosive belt.

According to Interior Minster Karl Nehammer, Fejzulai had dual Macedonian-Austrian nationality and had already been convicted last year of attempting to travel to Syria and trying to join IS.

After that conviction, Fejzulai, whose name suggests he is of ethnic Albanian origin, was sentenced to 22 months in prison, but was released early on parole in December.

“The perpetrator managed to fool the justice system’s de-radicalisation programme, to fool the people in it, and to get an early release through this,” Nehammer said, suggesting that the attacker had made special efforts to deceive probation officers.

“Therefore there were no warning signs of his radicalisation,” he added.

Justice Minister Alma Zadic said that, in line with Austrian law, Fejzulai had been paroled in December 2019 after serving two thirds of his sentence, but also put on three years’ probation.

“This

Subscribe Now