Indian economy and Nighttime Lights

Forecast India's economic growth has been traditionally an uncertain exercise. The indicators and factors affecting economic structures and the variables required to model that captures the situation correctly is point of concern. Although the forecast should be specific to the country we are looking at; however countries do have interlinkages among them. As the time series can be more volatile, and sometimes certain variables are unavailable; it is harder to predict for the developing economies as compared to stable and developed nations. However, it is very important to have accurate forecasts for economic growth for successful policy formations. One of the hypothesized indicators is the nighttime lights. Here, we aim to look for a relationship between GDP and Nighttime lights. Specifically we look at the DMSP and VIIRS dataset. We are finding relationship between various measures of economy.