Theme of economic survey 2021-22
The central
theme of the 2021-22 Economic Survey is the alternative "agile
approach", implemented through India's economic response to the shock
of the COVID-19 pandemic.
2021-22 के आर्थिक सर्वेक्षण
का केंद्रीय विषय वैकल्पिक "चुस्त दुरुस्त दृष्टिकोण" है, जिसे COVID-19 महामारी के झटके के लिए भारत की आर्थिक प्रतिक्रिया
के माध्यम से लागू किया गया है। सर्वेक्षण देश में ढाँचागत विकास को दर्शाने हेतु उपग्रह और भू-स्थानिक डेटा
के उपयोग को उजागर करने के लिये विभिन्न उदाहरणों का उपयोग करता है।
The theme of
this Economic Survey, therefore, relates to the art and science of policy-
making under conditions of extreme uncertainty. The default mode of
policy-making in India and most of the world has traditionally been to rely
on a pre-determined “Waterfall” approach – an upfront analysis of the
issue, detailed planning and finally meticulous implementation. Same waterfall approach were adopted in
five-year plans and rigid urban master-plans. The Survey criticises the
traditional approach of disproportionately focussing on ever more detailed
plans/regulations, and elaborate forecasting models. It says that there is more
than adequate evidence that this “Waterfall” approach of policy-making does not
result in improved outcomes. Essay
‘ The Pretense of Knowledge’ presented by Friedrich Hayek on the occasion of his Nobel Prize in Economics, December 11, 1974 also said the same thing.
preface of
Economic Survey states that the “Agile approach” is based on feed-back loops,
real-time monitoring of actual outcomes, flexible responses, safety-net buffers
and so on. Survey
2021-22 says “Agile
framework: is particularly relevant today because of the explosion of real-time
data that allows for constant monitoring. Such information includes GST collections, digital
payments, satellite photographs, electricity production, cargo movements, internal/external
trade, infrastructure roll-out, delivery of various schemes, mobility
indicators, to name just a few. Another theme highlighted in this Economic Survey relates to
the art and science of policy-making under conditions of extreme uncertainty.
this year’s Survey reverts to a single
volume plus a separate volume for the Statistical Appendix. The idea of having a separate
volume for the statistical appendix is to give it a distinct identity as the
one-stop source of authentic data
The Preface also takes a bird’s eye view
of the “great deal of evolution” of the Economic Surveys presented since the
first Survey in 1950-51. Along with the
sectoral chapters, this year's Survey adds a new chapter that demonstrates the
use of satellite and geo-spatial images to gauge various economic phenomenon –
urbanisation, infrastructure, environmental impact, farming practices and so on.
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