wish all success for today's deliberations. thank you. 1 it incorporates various new age features like a data lake and integrated analytics with much higher processing speeds and scalability. data lake is envisioned as a part of cims, which is more flexible than usual database systems, in terms of data fetching from multiple systems ( inside and outside rbi ), data storage ( both structured and unstructured information ) and data processing ( standard and dynamic query based reports ). 2 the innovations implemented in the cims include : ( a ) to improve exchange of data and metadata, a statistical data and metadata exchange ( sdmx ) based repository has been implemented, which consists of the sdmx elements and related artefacts, undertakes data standardisation by aligning the elements with business concepts, and facilitates visualisation at desired level of granularity by drilling down elements ; ( b ) a novel sdmx data conversion tool has been developed and implemented to generate sdmx time series from periodic data submitted by regulated entities ; ( c ) all regtech and suptech data collection features have been implemented through creation of 2 / 3 bis - central bankers'speeches sdmx artefacts / metadata in server - to - server data transmission and data governance ; ( d ) an advanced analytical platform to perform statistical analysis connecting cross domain data has been implemented with integrated programming interface ; ( e ) an sdmx data query functionality provides interactive metadata driven search and data visualisation analytical platform for the general public ; ( f ) power user capability known as common data platform has been implemented ; and ( g ) functionality of regular information submission has been enriched with dashboards for regulated entities, system driven alerts and data submission monitoring utilities. 3 the new standards for national accounts and balance of payments statistics, coordinated by the united nation's intersecretariat working group on national accounts ( iswgna ) and the international monetary fund ( imf ) committee on balance of payments statistics ( bopcom ), respectively aim to meet boarder policy analysis and monitoring needs by integrating elements of social wellbeing and environmental sustainability ; incorporating globalisation and innovation in real and financial sector operations ; incorporating digital transformation ; tracking climate change ; steadiness between stock and flows ; more detailed breakdowns ; consistency with other standards ; and developing new data sources and methods. 4 moore's law 5 kryder's law 6 rao, b. l. s. prakasa ( 2020 ).'c. r. rao :

the second half of 2013 is the significant strengthening in household balance sheets. one aspect of that improvement is that from mid - 2008 through mid - 2013, total household liabilities declined significantly after a period of quite rapid debt growth over the preceding decade. the reduction in household debt is an extremely rare event for the u. s. economy. in fact, this has been the only period of sustained declines in nominal household indebtedness over the period since the early 1950s. the household sector in the remainder of my remarks, i ’ d like to focus on the finding, made public in our most recent quarterly report on household debt and credit, that for the first time since 2008, households increased their borrowing on a year - over - year basis, at least in nominal terms. i ’ ll argue that this is an encouraging development, although we should be cautious both in predicting future borrowing and in recognizing that the aggregate increase in borrowing may mask the fact that many individual households remain constrained by prior borrowing and / or a reduction of income. these households are still engaged in attempting to reduce their debt burden by pay - downs in debt. furthermore, i ’ ll explain how the type of borrowing by households has changed over time. here too there is a reason for some caution, because borrowing for education has become more common for u. s. households. it appears that heavy student debt can restrain the consumption activity of those individuals who are burdened with it. if this is the “ new normal ” for the economy, it might result in delayed purchases of homes and autos for those graduates who finance their education by taking on large amounts of debt. this is a potential development that bears close monitoring. why do i suggest that an increase in household borrowing is an encouraging development? while in recent years we have certainly seen that household debt can carry serious negative consequences, overall an increasing level of borrowing indicates that the economy is returning to normal patterns. after all, with rising gdp and an expanding population, we should not be surprised to see debt increasing, if only modestly. of course, the kinds of debts that people are taking on and the riskiness of those loans – to both the borrower and the lender – are important issues, and i will return to them later in the talk. now households borrow for a variety of reasons, but we can generalize to say that households borrow to smooth their consumption. for households whose incomes are temporarily low, perhaps because they are just starting their careers, borrowing makes it