Project Description

An analysis of macroeconomic time series data for India and the state of Goa. I undertook this project as a study-oriented project under Dr. Solano Jose Savio Da Silva

As an aspiring computer scientist, the data science buzz had certainly caught on and I was keen to explore it. Being an unequivocal advocate of interdisciplinary work and having recently completed my first introductory Economics course, I was delighted to have the opportunity to work under Dr. Solano on a data-centric economics project that led to some rather interesting insights into the economic trajectory of the Indian state of Goa.

Economic time series data is compiled with respect to certain base years. Now this makes sense because the economic landscape changes over time. New industries emerge over time, and base years have to be updated to account for new contributors as well as to remove accountability from dead industries, to macroeconomic indices and measures such as GDP.
However, once these changes are accounted for, would it not be convenient to compare all the GDP values over all the years of data available with respect to any base year we wish?
For example, if we have data ranging from 1950-51 to 2000-01 for the base year 1993-94 and data ranging from 1970-71 to 2008-09 for the base year 1999-2000, we can generate data ranging from 1950-51 to 2008-09 for both the base years.
Moreoever, greater inferences can be drawn on the newly generated data such as percentage changes over time.
However, the greatest motivation for the project was to observe the trends in the various economic sectors and subsectors and identify the major contributors to growth.