This succinctly explains the importance of statistics in the formulation of policy and its evaluation. Infact, many developments since the statement was made, in terms of technology, quantitative methods, and marketisation as well as globalisation have reinforced what Professor Mahalanobis observed.
Offsite being data dependent, measures have been taken to strengthen the quality of data inputs. An endeavour is also being made to increase the use of advanced analytics, artificial intelligence and machine learning to assess material idiosyncratic and systemic risks so that risks can be proactively identified and mitigated.