Conclusion

Today we increasingly use Statistics to analyse serious economic problems — rising prices, growing population, unemployment, poverty, and the like — in order to find measures that can solve them. Statistics also helps evaluate the impact of the policies adopted: for example, statistical techniques can readily show whether a policy of family planning has been effective in checking the problem of ever-growing population.

In shaping economic policies, Statistics plays a vital role in decision making. Suppose, at a time of rising global oil prices, India must decide how much oil to import in a given year. That decision depends on the expected domestic production of oil and the likely demand for it. Without Statistics, neither the expected production nor the likely demand could be determined — and so the import decision could not be made soundly. The vital information needed to make such a decision can only be obtained statistically.