Awantipora, January 23: To equip academics and professors of economics and related fields with knowledge of econometric techniques for decision-making and research, a one-week online workshop on applied econometrics, organized by the Department of Management Studies (DMS), Islamic University of Science and Technology (IUST) started at IUST.
During the inauguration, IUST Vice-Chancellor, Prof. Shakil Ahmad Romshoo was the guest of honor and Prof. KM Baharul Islam, Chairman of the Center of Excellence in Public Policy and Government at IIM Kashipur was the keynote speaker.
The workshop transcends theoretical areas to focus on improving skills through hands-on training sessions on multiple topics and advanced statistical software such as R programming, etc.
Professor Romshoo commended the department for its proactive approach in meeting NEP 2020 through various capacity building initiatives including the current workshop.
He underlined the relevance of econometric tools not only in interdisciplinary research, but also for business performance and industry efficiency. He noted “the importance of data used comprehensively for econometric analysis” and said, “There is a need to take advantage of big data generated in different fields such as business, earth science and astrology. through tools such as data mining and warehousing, which is still largely unrecognized.”
He placed particular emphasis on data mining and skills development as transformational vectors for societal change in a region like J&K.
In his keynote address, Professor Baharul Islam explained the revolutionary role of data and the transformation of the workspace as harbingers of a better world in the future. He highlighted the need to bridge the digital divide by ensuring access to data and analytics from even within the country in order to empower these regions through a transformation of research and knowledge paradigms.
He urged researchers to think locally, act globally, and devote their efforts to dismantling the proverbial ivory towers and silo mentality of domain-specific research to solve local problems. He also criticized the characteristic rigidity of academics as they were reduced to a single monolithic sphere and recommended the freedom of the teaching-learning process and the use of the Pareto principle to leave an indelible mark in the resolution of problems. societal issues.
He summarized the principles of this transformation through the acronym “IUST (Information Exploitation, Unbundling Domains, Societal Contract and Transforming Knowledge)” which he coined especially for the occasion.
At the start, Dr. Asif Iqbal Fazili, Chief officially welcomed the dignitaries and participants. Dr. Fazili highlighted the need for such innovative initiatives in light of the rapidly changing research and technology landscape, to help researchers keep abreast of the latest research trends. He also alluded to DMS’s rich tradition of assisting scholars by organizing such workshops even during the pandemic.
The inaugural session ended with the vote of thanks proposed by DMS Associate Professor Dr. Anisa Jan, who thanked the dignitaries for their intellectual contribution to the theme of the workshop and the many participants from different institutions for their zeal to participate.