India recognises the enormous potential of Big Data and analytics in enriching the economy and the Ministry of Electronics and IT (MeitY) is mulling over the pros and cons of setting up data exchanges in the country, a senior official said on Monday.

"There is a need of data exchanges and the IT Ministry is at it," Gopalakrishnan S, Joint Secretary at the IT Ministry said while addressing the audience at the "Big Data and Analytics Conclave" organised by industry chamber Ficci.