by Rana Kapoor MD & CEO, YES BANK & Chairman, YES Global Institute
Data has emerged as a key enabler for corporates around the world over the last few years. Early movers like Amazon and Google have set the tone, building their organizations around the management and analysis of data. Today, every company globally is looking to embrace this new paradigm. Essentially the future of business rests on data driven innovation. Amongst these important developments, a hugely significant one has been concerted global efforts on Open Government Data, with over 100 Governments signing a charter to proactively provide information, including raw data available with various Government departments for public consumption. The steps to digitize and share Open Government Data are of paramount importance due to three key reasons. 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. Thirdly and most importantly, it paves the way for developing technology-led innovations centered on data which can unlock massive economic value, especially for the ‘bottom of the pyramid’ consumers.
For example, availability of data on yearly produce of crops, soil data health cards and meteorological data sets can help develop customized crop insurance solutions. Progress in literacy rates, demographic data and density of educators can develop customized edu-tech solutions for villages. Similarly, availability of care facilities in public hospitals, current occupancy rates in hospitals and demographic data can pave the way for developing healthcare applications. The Government of India, having clearly established itself as a strong supporter of digitization through the ‘Digital India’ strategic initiative, has also been an early adopter of the global Open Government Data initiative. Efforts of the Ministry of Electronics and Information Technology (MeitY) in creating a unique portal and digitizing data sets across more than 30 sectors is truly laudable. YES BANK is pleased to release this joint report with MeitY, which studies global development of open data in detail and suggests a roadmap for development of an open data ecosystem. We strongly believe that the implementation of the roadmap proposed in the report will help create a data-driven governance architecture to harness the immense potential and value of Open Government Data.